OGZPY PJSC Gazprom (PK)

By Olga Razumovskaya

MOSCOW--Russia's state gas monopoly OAO Gazprom said on Thursday it intends to build a liquefied natural gas plant on the Baltic Sea, in an attempt to maintain its firm grip on energy supply to the Baltic states.

The new plant which will have an annual capacity of up to 15 million tons, will be built near the port of Ust-Luga and will potentially open up new markets for Gazprom, the company said in a statement.

The announcement comes as Europe attempts to decrease its energy dependence on Russia as tensions between Ukraine and Russia persist. Several European countries rely heavily on Russian gas exports, half of which go through Ukraine. The Baltics have made attempts to detach themselves from Russian gas pipelines, but Russia remains a key supplier of gas.

Write to Olga Razumovskaya at olga.razumovskaya@wsj.com

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