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Panama Canal reports LNG transits

down 30% year on year in December

LNG transits via the Panama Canal decreased by The recent decline in LNG transits via the
30% year on year in December 2021, according Panama Canal represents a reversal of the steady
to data sent to S&P Global Platts last week by the upward trend that has been noted over the last
Panama Canal Authority (PCA). This decline few years. The PCA marked the difference, com-
appears to have been largely the consequence of menting: “This time last year, the world’s global
the surge in European LNG demand, which saw economic recovery, combined with a record
the Atlantic Ocean become the primary route of cold winter in Asia, led to historic demand for
transportation for fuel from the US. LNG and a sudden surge in vessels arriving at
According to PCA data, some 35 LNG tran- the Panama Canal in hopes of transiting on the
sit tankers passed through the Panama Canal in way to Asia.”
December 2021. This is a 30% decline from the The canal operator went on to note that the
50 tankers that passed through the canal during current situation in Europe had caused LNG
the same month of 2020. exports to start mainly flowing in that direction,
The decline in the figures for the fourth quar- causing transportation routes to shift from the
ter of 2021 was less drastic. PCA data show that Panama Canal to the Atlantic. ™
there were 114 LNG transits during the last three
months of last year, down by 17% on the figure
of 138 reported for the same period of 2020.
European demand for LNG has reached
unusually high levels in recent months, due as
the Continent deals with ongoing energy short-
ages during the heating season. As a result, there
has been a stark rise in North American exports,
with US suppliers rerouting LNG shipments
across the North Atlantic to Europe.
Certainly, there have been numerous tank-
ers that passed through the Panama Canal
while travelling southward towards Asia before
rerouting to Europe. Additionally, there have
been vessels that made a U-turn before arriving LNG tanker, shown here transiting Panama Canal
at the canal, S&P Global Platts noted. in January 2021 (Photo: Panama Canal Authority)

COLOMBIA
Petro offers more detail on plans for

phasing out oil exploration, fossil fuels

GUSTAVO Petro, a former mayor of Bogotá year’s election, he would transform Colombia
who remains the leading candidate in Colom- into a knowledge-based and tourism-fuelled
bia’s presidential race, has expanded upon his economy. This would involve calling an imme-
former proposals for moving the country away diate halt to all new oil exploration, he said.
from an economic model based on resource Under these circumstances, Colombia would
exploitation and fossil fuel consumption. In an continue to develop all of its existing oil and gas
interview with Bloomberg published earlier this fields, but it would not explore any new sites or
week, he outlined plans for phasing out new oil bring any new acreage on stream, he explained.
development projects and called for the forma- This would allow the country to make the transi-
tion of a global coalition to fight climate change. tion away from fossil fuels over a period of about
Petro told the news agency that if he won this 12 years, he stated.

P6 www. NEWSBASE .com Week 03 20•January•2022