Russian gas major Gazprom has proudly announced that the first liquefied natural gas (LNG) processing facility at Sakhalin has been brought on stream.

In a statement, the company chairman Alexey Miller insisted that the new facilities would help to promote the reputation of Gazprom as a leader in global energy markets and strengthen its financial performance.

"Today (February 18th) we started the production of LNG in Russia. It will give a powerful impulse for the development of the Russian Far East economy," he said.

"Sakhalin has now firmly established its position on the global energy map," Mr Miller added.

Once it has been brought up to full speed, Sakhalin is expected to supply around five percent of the world's LNG.

The first production facility will be capable of producing 4.8 million tons of LNG every year.

Despite today's announcement, share prices for Gazprom have fallen in Moscow, London and Paris, extending losses witnessed since the decline of crude prices in July.

There has been a degree of scepticism among investors about the stability of the company's liquidity position.


© Adfero Ltd

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