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Gazprom Neft LNG bunkering business strategy on track for 2H 2021 despite pandemic

16 Feb 2021

Russian oil producer Gazprom Neft on Thursday (11 February) shared its prospects for the development of the liquified natural gas (LNG) bunkering market in the context of the current requirements of the international convention MARPOL 2020, as outlined by Efim Suchkov, head of the LNG bunkering department at Gazpromneft Marine Bunker.

Suchkov was speaking at the international conference Argus LNG 2021: CIS and Global Markets, dedicated to the current state and prospects of the liquefied natural gas market.

Since 2018, Gazprom Neft noted it has been consistently implementing a program to create a new fuel segment in the shipping industry in Russia: it initiated the implementation of the necessary standards for LNG bunkering and develops cooperation with manufacturers and potential consumers of new marine gas motor fuel. 

In 2018, Gazprom Neft also launched its own LNG bunkering project, the construction of which has now entered its final stages. Gazprom Neft’s LNG bunkering vessel will be the first Russian LNG bunkering vessel with a side-to-side format. It is planned to become part of the company’s fleet in the second half of 2021.

“The volatility of the macroeconomic situation, the pandemic and the challenges faced by the entire industry in 2020 have not changed our strategic course towards sustainability and the development of new fuel alternatives,” said Efim Suchkov at the conference.

“Gazpromneft Marine Bunker plans to complete the implementation of the LNG bunkering project in 2021 and begin work in the Baltic to form a new market segment – this will give an additional incentive to the development of LNG bunkering in the North-West region of the Russian Federation.

“In accordance with the forecasts of the conference participants, it is LNG that will become the most popular alternative to traditional oil products for marine engines.

“By 2030, the demand for marine LNG will increase several times, and by 2040, the market share of LNG may equal the share of low-sulfur and ultra-low-sulfur fuels.

“According to experts, the number of vessels using liquefied natural gas in the world has increased almost 1.5 times in the last two years alone, and the number of vessels for LNG bunkering has tripled.”

Related: Gazprom Neft launches its first LNG bunkering vessel ‘Dmitry Mendeleev’
Related: First Russian LNG bunkering vessel by Gazpromneft nears construction completion
Related: Gazpromneft LNG bunkering operations for STS to start from 2021
Related: Gazpromneft and Rosmorport to cooperate in LNG bunkering
Related: Gazprom Directors discuss prospects of LNG bunkering market
RelatedGazpromneft Marine Bunker adopts ISO LNG bunkering standard

 

Photo credit: Gazprom Neft
Published: 16 February, 2021

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