Global gas demand to grow 32% by 2040 – Putin

World demand for gas is growing faster than any other energy source, and will grow by a third in the next 25 years, according to Russian President Vladimir Putin.

“The growing demand opens up great opportunities for increasing production and exports of gas. At the same time, it’s a major challenge, because there’s a need to dramatically accelerate the development of new deposits, modernize the refining capacities, expand gas transportation infrastructure, bring into operation additional pipelines and make new LNG routes”, said Putin at a Gas Exporting Countries Forum in Tehran on Monday.

According to Putin, Russia seeks to increase its gas output by 40 percent by 2035, reaching 885 billion cubic meters. One of the biggest tasks ahead of Russia is to boost the supplies of gas to China, India and other Asian countries from the current 6 percent to 30 percent, said Putin. Kremlin also intends to triple the LNG supplies. He added that Russia would be able to deal with all these tasks.

During his visit, Putin is meeting with Iranian leaders. He’s talked to Supreme Leader Ali Khamenei about energy cooperation, Syria and other key issues. Putin’s also meeting Iran’s President Hassan Rouhani.