Russian state gas giant OAO Gazprom (GAZP.RS) has finalized investment terms for a gas liquefaction on its Pacific coast as it seeks to boost shipments to Asia amid falling demand and regulatory strife in its most lucrative European market.

The decision comes one week after Russian President Vladimir Putin criticized the country's low share of the global liquefied natural gas (LNG) market and ordered government officials to consider relaxing Gazprom's monopoly on LNG exports.

Gazprom, the world's largest gas producer, said it would build the plant near the city of Vladivostok , consisting of three LNG trains with a total capacity of 15 million metric tons. The first train will be completed in 2018. Gazprom had earlier said the plant would have a capacity of at least 10 million tons.

The company gave no forecast for the cost of the project. Last October, Gazprom said the plant would cost 220 billion rubles ($7.3 billion).

The LNG plant is part of Gazprom's so-called Eastern Gas Program, that will take gas from new fields in Russia 's far east by pipeline to Vladivostok . The cost of developing the new fields and constructing the pipeline is forecast at nearly $40 billion.

Gazprom's exports fell 8% last year, as demand in Europe contracted. The European Union has opened an investigation into Gazprom's alleged violation of antitrust rules.

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