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tisdag, oktober 31, 2023

Spain and Belgium doubled LNG Russian imports, examine finds

Europe imported about the identical quantity of Russian liquified pure fuel (LNG) from January to September 2023 because it did throughout the identical interval final yr — however some international locations skilled notable will increase.

Spain and Belgium doubled imports of LNG from Russia throughout this era, year-on-year, whereas France noticed Russian LNG imports rise by 40 p.c, a report revealed on Tuesday (31 October).

Roughly 27 p.c of Spain’s imported LNG for this era got here from Russia, and Belgium relied much more closely on Russia for 37 p.c of its LNG. France, for its half, had 15 p.c of its LNG coming from Russia.

Following the Russian invasion of Ukraine in February 2022, the EU vowed to chop reliance on Russian fossil-fuels however rapidly bumped up in opposition to issues it was substituting one type of air pollution for an additional.

New information from theInstitute for Power Economics and Monetary Evaluation’ (IEEFA) LNG tracker exhibits that European international locations are nonetheless increasing LNG infrastructure, whilst LNG and fuel demand are anticipated to dwindle.

Europe has elevated its LNG capability, with six new LNG terminals coming into operation for the reason that starting of 2022.

And plans for brand new regasification LNG terminals are set to carry Europe’s LNG capability to 406bn cubic meters (bcm).

Nevertheless, LNG demand won’t exceed 150bcm in 2030, revealing a possible surplus, in line with the institute’s forecasts.

”The decline in fuel demand is difficult the narrative that Europe wants extra LNG infrastructure to achieve its power safety targets. The info is displaying that we do not,” mentioned Ana Maria Jaller-Makarewicz, an power analyst from the IEEFA.

”Nations in Europe threat buying and selling a reliance on Russian pipelines for a redundant LNG system that additional exposes the continent to unstable costs,” she additionally mentioned.

In the meantime, the present proposed EU fuel buildout of LNG infrastructure by 2030 is estimated to value roughly €22.1bn, in line with International Power Monitor. About €4.2bn is related to terminals or pipelines already beneath building.

EU spent €5.5bn on Russian LNG

LNG imports from the US have jumped since 2022 — making the US the EU’s prime provider, accounting for 46 p.c of the bloc’s whole provide.

However Russia comes second, offering 12 p.c of LNG provide for the entire EU.

Among the many EU member states, Spain is the biggest importer of Russian LNG, adopted carefully by France and Belgium.

From January to July 2023, Spain paid €1.6bn for Russian LNG, making it the largest purchaser within the EU. France and Belgium weren’t far behind, chipping in with €1.3bn every for his or her Russian LNG imports.

General, the EU spent about €5.5bn on Russian LNG, in line with the IEEFA report.

Earlier this yr, EU power commissioner Kadri Simson known as on member states to cease shopping for Russian LNG and chorus from signing new LNG agreements with Russia.

Regardless of calls for an embargo on Russian LNG as a part of EU sanctions in opposition to Moscow, the bloc just isn’t anticipated to limit LNG imports.

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