Deliveries of Russian LNG to Europe set a new record. Exports to the EU countries reached 2 billion cubic meters per month.
In February, Russian LNG exports to the European Union set a new all-time high of 2 billion cubic meters. It is reported by TradeWinds with reference to the analyst of the International Energy Agency Greg Molnar.
February shipments are valued at $1.3 billion, he said. According to him, 80% of Russian LNG goes to Belgium, France and Spain.
As reported EADaily In January, gas carriers delivered 2.3 billion cubic meters of Russian LNG to Europe, of which 1.9 billion cubic meters remained in the region. This is evidenced by the data of the navigation portals Vesselfinder and Marinetraffic. The delivered volume is above the average monthly level of Russian gas exports to the EU countries of 1.8 billion cubic meters last year.
The main supplier of liquefied gas from Russia is the Yamal LNG Arctic project. It has long-term contracts with the Spanish Naturgy (more than 3 billion cubic meters per year) and the French TotalEnergies (5.5 billion cubic meters). Also, quite a lot of liquefied gas is supplied to the spot market. In addition, part of the LNG can be resold to the EU by Asian customers of Yamal LNG. During the absence of navigation along the Northern Sea Route, gas is delivered along a long-distance route – through the Belgian Zeebrugge.
Also, gas supplies to the EU are continued by the medium-tonnage plant Cryogas Vysotsk in the Baltic Sea. Tankers carry liquefied gas to Belgium and still to Finland, Sweden and even Norway.
LNG from Gazprom’s new Nord Stream project, Portovaya, has been supplying LNG exclusively to Turkey in recent months.
The attraction of Russian LNG is that it does not require a new payment mechanism.
In March, obviously, LNG supplies from Russia to the EU may decrease. But this will be connected purely with the technical problems of the French side. Due to strikes, all LNG terminals in the country will be closed until March 14.
