Russian state gas company Gazprom is postponing construction of a liquefied natural gas plant on the country’s Pacific Coast, as it focuses on building pipelines for gas delivery to China.
Vladivostok LNG was announced in 2013 in a bid to boost sales in Asia as the company faces regulatory pressure and competition in Europe. But Gazprom Chief Executive Alexei Miller said Friday that it was no longer a priority.
“Vladivostok LNG isn’t on the list of priority projects, and isn’t on the list of projects that will be carried out in the near future,” Miller told reporters.
By shelving the project, Gazprom is betting on the success of delivering gas to China via pipelines. Last year the company signed a contract to supply the country with hundreds of millions of dollars of natural gas after more than a decade of talks.
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