Commissioned in September 2022, the Portovaya LNG plant has a production capacity of about 1.5 million tonnes (2 billion cubic metres) per annum of LNG. In 2023, according to estimates, Gazprom’s gas pipeline shipments to Europe may have fallen by another 56%, to 28.3 Bcm, Reuters said. About half of that volume was supplied via Ukraine, with the remainder coming through the TurkStream subsea gas pipeline across the Black Sea, Turkey and Bulgaria. That suggests possible sales revenues for Portovaya LNG of about $1.4 billion based on the annual price average at the TTF hub. In December, Bank Rossiya obtained significant minority stakes in three gas-producing ventures with Gazprom, following an order by President Vladimir Putin.

Source: Forbes January 02, 2024 15:01 UTC