Page 119 - bneIntelliNews monthly country report Russia May 2024

US for its LNG supply, importing some 45.6mn mt from US export facilities. Simson said the EU continued to accelerate its clean energy transition, deploying a record 73 GW of renewables in 2023, which displaced some 13 Bcm of gas imports.
Turkey in talks with ExxonMobil to secure LNG deal, aims to reduce reliance on Russian natural gas. Turkey is in talks with ExxonMobil to secure a long-term liquified natural gas (LNG) deal worth billions of dollars, aiming to diversify its energy sources, says Turkish Energy Minister Alparslan Bayraktar. The potential agreement could provide up to 2.5 million tons of LNG annually for 10 years.
9.1.1d LNG news
Western countries are involved in 96% of Russian LNG exports. The maritime industries from countries supporting Ukraine, including members of the G7 and the EU, provided for more than 90% of Russian exports of liquefied natural gas in 2023, totaling €15.5B. 96% of Russia’s maritime LNG exports were carried out with the assistance of countries including Australia, Norway, and Switzerland, which was up from 93% in 2022. After the Russian invasion of Ukraine, the EU undertook to quickly reduce its dependence on Russian fossil fuels with the aim of completely renouncing imports by 2027. While sanctions have been imposed on oil and coal imports, little has been done to limit Russia’s gas trade. Last year, the EU paid Russia €8.2B for natural gas and received half of Russia's LNG exports, although this accounted for only 5% of the EU's total gas consumption in 2023. Therefore, given Russia’s limited number of vessels equipped to transport LNG and the importance of preserving European cargo insurance, there are significant levers of influence for introducing sanctions on Russian gas.
EU Parliament approves option allowing members to block Russian LNG imports. The European Parliament voted on April 11 to pass rules allowing member states to ban imports of Russian liquified natural gas (LNG), Reuters reported.
France imports growing levels of Russian LNG. France has paid Russia 600 million euros ($644 million) for liquified natural gas (LNG) imports in just the first three months of 2024, making it the fastest-growing consumer of Russian LNG in the EU, Politico reported on April 11.
LNG from Russia comprised almost 26% of Spain's gas imports in March, up from 14.4% a year earlier, confirming that the Iberian country is a key entry hub for Russian gas into Europe. Data from Spanish grid operator Enagas showed on April 11 that Russia was the country's second-largest gas supplier last month after Algeria. LNG shipments represented 65.5% of Spain's imports
119 RUSSIA Country Report May 2024 www.intellinews.com