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Opening Russia’s gas market after liberalisation of LNG exports

Domestic liberalisation is a boon to the country’s large independent suppliers and is busting open Gazprom’s monopoly on exports

Last December Russian President Vladimir Putin signed a decree partially liberalising liquefied natural gas (LNG) exports. The legislation allowed Russia’s two largest independents – Novatek and Rosneft – to ship LNG abroad. It is part of a transition under way in Russia’s energy sector, which is adapting to more difficult conditions brought by the post-2008 economic malaise, both in domestic and international markets, as well as by the tectonic shifts in North America’s energy market. Russia’s internal market is oversupplied with natural gas, with the glut amounting to about 20 billion to 30bn cubic metres (cm) of supply. Several factors have contributed to this. Slower industrial growth,

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