Russia exports more and more LNG to Europe and less to Asia
Russia's liquefied natural gas (LNG) exports rose more than 4% in the first quarter of this year, thanks to increased production to replace gas exports from sanctioned pipelines to Europe, the Russian newspaper Kommersant.
Citing a 4.3% (8.7 million metric tons) increase in unsanctioned LNG exports in the first quarter of 2024, based on Kpler data, Kommersant.ru said exports to the European Union are in increase, while those towards Asia are decreasing. Russia's LNG exports to Asia in the first quarter of the year saw a 7% decline, offset by a 4% increase in exports to Europe, which received around 5 million tonnes of Russian LNG in that period. Most of Russia's LNG production comes from the Yamal LNG project, operated by Novatak, and the Sakhalin Energy project, operated by Gazprom.
In late March, Moscow moved to sell Shell's minority stake in the Sakhalin LNG project to state-owned Gazprom for $1 billion. Initially, Moscow had intended to cede the stake to Novatek in the wake of Shell's move to abandon the project after Western regimes sanctioned Russia for invading Ukraine. According to the Russian newspaper Vedomosti, Novatek considered that its participation in the Sakhalin project poses high legal risks.
New data showing increased Russian LNG exports to the European Union indicates that Europe has replaced Russian gas piped from its eastern ports with Russian LNG in its western ports, as the bloc has become the most major buyer of Russian LNG, accounting for half of all Russian LNG export volume this year, followed by China, which took 21% according to February data.
Analysis of Reuters data from February also showed the EU replaced pipeline flows of Russian gas with Russian LNG imported mainly to Spain, Belgium and France.
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The article Russia exports more and more LNG to Europe and less to Asia comes from Economic Scenarios .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/la-russia-esporta-sempre-piu-gnl-in-europa-e-meno-in-asia/ on Tue, 09 Apr 2024 06:00:09 +0000.