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MOSCOW, April 7 (Reuters) - Novatek's NVTK.MM Yamal LNG project will produce 1.2 million tonnes of gas condensate, a very light oil grade, in 2019, Leonid Mikhelson, the head of Russia's largest non-state gas producer said on Friday.
Novatek, with its Chinese partners and France's Total TOF.PA will launch Yamal LNG later this year, which will produce 16.5 million tonnes of liquefied natural gas by 2019 as well as the gas condensate.
Novatek will ship both the LNG and condensate mainly to Asia via Russia's Northern Sea route through Arctic waters, which is shorter than going through the Suez Canal.
Asian refiners are expected to face a shortfall of condensate going forward, meaning they will be increasingly focused on finding new sources of cargoes or alternatives.
Condensate is a type of light crude oil produced in association with natural gas. Splitters break down the condensate into diesel fuel and naphtha which is mainly used as a raw material to make petrochemicals like plastics.
Novatek will compete with other condensate producers, such as Qatar and Australia, for the Asian market. company's natural gas output declined by 2.7 percent in 2016, while gas condensate and oil production jumped by almost 37 percent as it commissioned new fields.