Putin Frees Russian Gas Chilled Amid Permafrost: Energy Markets
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Liquefied natural gas from Russia’s Yamal plant, built on pylons driven into northern Siberia’s permafrost, will reach Europe just as global output is predicted to expand by a record amount.
President Vladimir Putin ended state-owned OAO Gazprom’s monopoly on LNG exports on Dec. 1, allowing OAO Novatek, built by Russian billionaire Leonid Mikhelson, to sell fuel from Yamal. The plant will help boost annual global capacity in 2018 by an unprecedented 75 million metric tons, a quarter of the current level, according to Energy Aspects Ltd., a London-based consultant.