Page 4 - EurOil Week 07 2021

EurOil COMMENTARY EurOil

Polish LNG imports grow, as

shipments to Europe return

Poland’s PGNiG said its imports of LNG rose 10% in 2020 and are expected to

grow further still, while all across Europe LNG imports are now returning after

briefly being redirected to Asia

POLAND POLAND’S PGNiG said last week that its LNG company anticipates LNG imports to continue
imports rose 10% in 2020 to reach 3.76bn cubic rising.
WHAT: metres. This comes as the country continues “The following months will bring an increase
Poland’s PGNiG said its to buy natural gas from Russia, but is trying to in the frequency of deliveries. In the second and
LNG imports rose 10% diversify its sources of supply ahead of the expiry third quarter, we plan to receive a total of about
in 2020 and will grow of a contract with Russia’s Gazprom in 2022. 15 cargoes,” Majewski said. This is on top of two
further still this year. “For several years we have been consistently cargoes already delivered early this year, and one
limiting the import of natural gas from Russia,” more that is expected to arrive in February.
WHY: said the president of PGNiG’s board, Paweł The company has now imported over 100
The country is trying to Majewski. “On the other hand, the possibilities cargoes on a cumulative basis, with 35 received
diversify its sources of of further reducing supplies from the eastern in 2020 alone – up by four y/y. According to
gas supply and reduce its direction are limited. We are bound by the ‘take Majewski, in addition to LNG from the US,
dependence on Russia. or pay’ formula included in the Yamal contract Qatar and Norway, PGNiG purchased cargoes
binding PGNiG until the end of 2022,” he added. originating in Trinidad and Tobago and Nigeria
WHAT NEXT: PGNiG, Poland’s dominant gas player, said last year.
LNG imports are the share of Russian gas accounted for 60% of Deliveries from the US and Qatar in particu-
returning to Europe after its total gas imports in 2020, roughly unchanged lar are expected to dominate PGNiG’s future
briefly being redirected to year on year. The share of LNG, meanwhile, LNG supply as Poland increases its LNG import
Asia amid a price spike. increased to 25% in 2020. In total, PGNiG capacity through the expansion of the President
imported 14.79 bcm last year. This year, the Lech Kaczyński LNG terminal in Świnoujście.

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