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reduction in gas consumption within the power generation sector," the Forum said.
Pipeline gas imports by the EU amounted to 12.4% in February 2024. Overall, pipeline supplies to the EU edged up by 6% in January - February 2024 to 25.7bn cubic meters. The increase in supplies from Russia by 25% and greater imports from Norway and Azerbaijan were the main growth drivers, GECF informed. The share of Norwegian gas in pipeline supplies to the EU amounted to 58% in February, while Russian gas accounts for 18%.
Liquefied natural gas (LNG) supplies to Europe lost 12% in February and totaled 10mn metric tonnes. The decline in LNG imports was driven by the declining gas demand and a significant premium to the spot LNG price in the Asia-Pacific Region against Europe. LNG imports by Asian countries surged by 4.7% to 22.5mn metric tonnes. Europe imported 21.08mn metric tonnes of LNG in January - February 2024 (down 10% year on year), while Asia imported 48.79mn metric tonnes, up 8.4%.
Global LNG exports moved up by 1% in February to 33.95mn metric tonnes and by 4% from the year start to 71.45mn metric tonnes.
Ukraine suffers losses from the transit of Russian gas. Naftogaz of Ukraine is suffering significant losses from the transit of Russian gas, the chairman of the company’s board, Oleksiy Chernyshov, said. Since May 2022, Ukraine has stopped gas transit through the Sokhranivka route following the Russian occupation of the northern part of the Luhansk region, and Russia refuses to transfer these volumes to the Suja gas station. As a result, Gazprom pays only 66% of what is stipulated in the contract, about $800M out of $1.2B per year. And Naftogaz is contractually obliged to reserve all the capacity of the Ukrainian GTS. "That's why we currently receive less than we pay to the GTS Operator," said Chernyshov. Since September 2022, Naftogaz has been challenging Russia's underpayment for transit in Stockholm arbitration. According to the head of the company, a decision will be made at the beginning of 2026. Naftogaz's current claim is $800M, but this amount will increase to almost $1.4B by the end of the year.
Energy minister rules out deals on transiting Russian gas through Ukraine. Kyiv and the EU have previously said they would not seek the prolongation of the transit deal for Russian gas, signed in 2019 and currently set to expire in December 2024.
Russian natural gas supplies to Europe totaled 15% of total European Union’s gas imports as of the end of 2023, Commissioner for Energy Kadri Simson said at a press conference. "Russian gas supplies accounted for 15% of the EU total gas imports last year, compared to 24% in 2022," the commissioner said. "Overall, gas imports from Russia decreased by 71% since
133 RUSSIA Country Report April 2024 www.intellinews.com