In response to the increasing globalization of the liquefied natural gas market, Russian gas company Gazprom is in talks with large oil and gas companies to expand its presence in the markets in south east Asia and Australia, the Financial Times has revealed.

<p>The news follows reports that Gazprom is considering liquefied natural gas swaps arrangements with large Australian utilities.</p>
<p>The financial daily quoted Gazprom deputy chairman Alexander Medvedev as saying: We are in discussions with some companies in the region to join forces, with partners that understand each other. These firms reportedly include Malaysian oil company Petronas.<br /><br />Declining to comment whether he had held discussions with Australia&#0039;s Woodside Petroleum, Mr Medvedev confirmed to the FT that the company had taken a strategic decision to be a major liquefied natural gas (LNG) player.<br /><br />Mr Medvedev added: By 2030 we are targeting to produce between 30 million to 50 million tonnes of LNG each year. The Pacific region is one of the most dynamic regions. There is strong demand here and we would like to become part of this market.</p>