Novak predicted Russia's leadership in Asian oil and gas markets by 2050

By 2050, Russia will be able to become the first in the Asian oil and gas markets by developing infrastructure for the supply of resources. This forecast was made on May 12 by Alexander Novak, Deputy Prime Minister of the Russian Federation, in an author's column for the Energy Policy magazine.

"The development of infrastructure to increase the economic efficiency of oil supplies will allow Russia to become No. 1 in the Asian oil market by 2050 and fully meet the needs of the industry with a fleet," he said.

In addition, he spoke about plans for the development of main pipelines, port and railway infrastructure, which also include increasing the capacity of the Eastern landfill.

"The plans include the development of our own technologies for seamless pipes and large—diameter pipes, as well as cooperation with friendly countries for the joint development of gas infrastructure and the conclusion of long-term contracts, the formation of swap supplies by partners," Novak said.

He believes that it will be possible to increase pipeline gas exports to 197 billion cubic meters. by 2036, as well as maintain production figures and revenues to the federal budget, which will subsequently lead to Russia's first place as an exporter in the Asian gas markets.

To realize its logistical and export potential, the Russian Federation will continue to work on improving the backbone infrastructure. According to Novak, for this purpose, it is planned to build the Power of Siberia — 2 export route, connect the Power of Siberia with Sakhalin — Khabarovsk — Vladivostok, create a unified gas supply system with highways in the east of the country, and accelerate supplies along the Far Eastern route.

In terms of liquefied natural gas (LNG), Russia plans to continue to play a leading export role, increase LNG production to 100 million tons in the medium term, and become part of the top three suppliers in this market.

"The development of our own LNG services and technologies, the expansion of the fleet of gas carriers and the creation of specialized hubs for transshipment, storage and trade of LNG will contribute to achieving this goal. Advanced engineering in the petrochemical and LNG industries will ensure not only import substitution, but also the export of technologies in these areas," Novak stressed.

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Earlier, on May 9, it was reported that Russia and China had made progress in discussing the Power of Siberia—2 gas pipeline project. It is specified that instructions were given to speed up the process of agreeing on the final terms of the contract.

Prior to that, Russian President Vladimir Putin announced at talks with Xi Jinping on January 21 that Russia ranks first in natural gas and oil supplies to China, and China is the largest consumer of Russian energy resources.