OREANDA-NEWS   Gazprom's Board of Directors reviewed information on the impact of 2018 events on the long-term Outlook for the global energy market. The Russian gas holding expects an increase in global demand for gas at the end of this year, Gazprom said in a statement.

"It was noted that the growth of gas consumption in the world continues. In 2016-2017, it increased annually by more than 3%. At the end of 2018, the growth may be even more significant," the report says.

One of the most notable events for the energy market was China's entry into the first place in the world in terms of gas imports. According to the General customs administration of China, in the first half of 2018, China imported 58.4 billion cubic meters of gas by 15.2 billion cubic meters more than in the first half of 2017. During the same period, Japan, which in recent years was the largest buyer of gas, imported 58.2 billion cubic meters.

Further growth in demand for gas in China will be accompanied by an increase in the share of imports. At the meeting, it was noted that Gazprom is developing cooperation with Chinese companies. In particular, the "power of Siberia" project is being implemented, negotiations on gas supply projects to China on other routes are continuing.

Gazprom notes that an important trend in 2018 was the decline in gas production in Europe, which leads to an increase in Europe's dependence on its imports, this is primarily due to an accelerated reduction in production at the Groningen field (the Netherlands) - one of the main domestic sources of gas supply to European consumers.

In these circumstances, Gazprom continues to strengthen the position of the largest gas exporter to Europe and Turkey. According to preliminary data, from January 1 to November 15, 2018, the company supplied 171.6 billion cubic meters of gas to this market by 3.5% more than in the same period of the record 2017. To further improve the reliability and efficiency of exports, Gazprom is implementing the Turkish stream and Nord stream - 2 projects.

During the meeting, it was stressed that Gazprom plans to increase its presence in the global gas market through an optimal combination of pipeline and liquefied natural gas (LNG) supplies. To strengthen its position in the LNG market, work is underway on projects for the construction of the Baltic LNG plant and the expansion of the Sakhalin-2 plant's capacity, and a project is being implemented for the construction of a complex for the production, storage and shipment of liquefied natural gas in the Portovaya KS area.