Page 83 - bne IntelliNews monthly country report Russia February 2024

9.1.1c Gas sector news
Resources from the Russian Federation account for only 6.5% of energy purchases by the EU. According to Eurostat, in the third quarter of 2022, Russia accounted for 14.5% of all energy imports to the EU, and in the third quarter of 2023, this figure decreased to 6.5%. In the third quarter, the EU imported energy products worth €35.4B, amounting to 65 million tons.
Compared to last year's corresponding quarter, imports decreased in value (-49.1%) and physical terms (-11.3%). Most of the oil imports to the EU came from the US (17.7%), followed by Norway (13.7%), and Kazakhstan (8.2%). Almost half of the EU’s imported natural gas came from Norway (48.6%). Algeria's share was 17.8%, ahead of Russia (16%). The US provided almost half of imported liquefied natural gas for the EU (48.5%). In Germany, 60% of the country’s gas consumption will now be supplied by Norway. In the future, and within the framework of the green transition, the country plans to reduce its gas consumption.
Revenue from overseas sales of natural gas by Kremlin-controlled Gazprom is expected to plunge more than 70% in 2023, resulting in budget proceeds from gas exports falling to $6.5bn from $24bn in 2022, Reuters calculations show.
Reuters calculations show that Gazprom's revenues from gas exports may decline to around $22bn this year from a record $80bn in 2022 when spot prices in Europe shot up to all-time highs amid tight supplies.
The calculations also showed that Gazprom's gas exports outside former Soviet Union will fall further, to 68bn cubic metres (bcm) this year from 100.9 bcm in 2022, when they had already almost halved.
Finance ministry expects that budget revenue from gas exports will be little changed, at around RUB567bn, in 2024 and might increase to RUB620-645bn in 2025-2026.
Spain is expected to buy an amount of natural gas from Russia in 2023
that would become a record for the entire history of the Spanish gas distribution system, local paper El Mundo reported on December 2.
According to gas system operator Enagas, Spain’s dependency on Russian gas has jumped sixfold over the past five years because the Maghreb–Europe pipeline got closed in 2021 over tensions between Algeria and Morocco, El Mundo said.
83 RUSSIA Country Report February 2024 www.intellinews.com