Page 4 - GLNG Week 06 2021

GLNG COMMENTARY GLNG

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

PERFORMANCE POLAND’S PGNiG said last week that its LNG “The following months will bring an increase
imports rose 10% in 2020 to reach 3.76bn cubic in the frequency of deliveries. In the second and
WHAT: metres. This comes as the country continues third quarter, we plan to receive a total of about
Poland’s PGNiG said its to buy natural gas from Russia, but is trying to 15 cargoes,” Majewski said. This is on top of two
LNG imports rose 10% diversify its sources of supply ahead of the expiry cargoes already delivered early this year, and one
in 2020 and will grow of a contract with Russia’s Gazprom in 2022. more that is expected to arrive in February.
further still this year. “For several years we have been consistently The company has now imported over 100
limiting the import of natural gas from Russia,” cargoes on a cumulative basis, with 35 received
WHY: said the president of PGNiG’s board, Paweł in 2020 alone – up by four y/y. According to
The country is trying to Majewski. “On the other hand, the possibilities Majewski, in addition to LNG from the US,
diversify its sources of of further reducing supplies from the eastern Qatar and Norway, PGNiG purchased cargoes
gas supply and reduce its direction are limited. We are bound by the ‘take originating in Trinidad and Tobago and Nigeria
dependence on Russia. or pay’ formula included in the Yamal contract last year.
binding PGNiG until the end of 2022,” he added. Deliveries from the US and Qatar in particu-
WHAT NEXT: PGNiG, Poland’s dominant gas player, said lar are expected to dominate PGNiG’s future
LNG imports are the share of Russian gas accounted for 60% of its LNG supply as Poland increases its LNG import
returning to Europe after total gas imports in 2020, roughly unchanged capacity through the expansion of the President
briefly being redirected to year on year. The share of LNG, meanwhile, Lech Kaczyński LNG terminal in Świnoujście.
Asia amid a price spike. increased to 25% in 2020. In total, PGNiG The plant’s expansion is anticipated to be com-
imported 14.79 bcm last year. This year, the pleted by the end of 2023.
company anticipates LNG imports to continue This will coincide with new supply coming
rising. online in the US after 2022 – at which point

The President Lech
Kaczynski LNG
terminal in Swinoujscie
is currently being
expanded, which will
allow PGNiG to ramp
up imports further.

P4 www. NEWSBASE .com Week 06 12•February•2021