Page 113 - RusRPTFeb24

exported 22.3 billion cubic meters of gas and the European market accounted for more than half of this volume - 11.4 billion cubic meters.
On December 31, 2020, Azerbaijan began commercial gas supplies to Europe via the Trans-Adriatic Pipeline, which is an integral part of the Southern Gas Corridor. Buyers of Azerbaijani gas in Europe are Italy, Greece, Bulgaria, Romania, Hungary and Serbia.
9.1.1d LNG news
Europe's strategic pivot away from Russian natural gas towards LNG is estimated to require a colossal investment of $223bn in global projects over the next decade, Bloomberg calculates.
The massive financial spend is needed to meet Europe’s burgeoning demand in the coming years, with the US positioned to capture the lion’s share of the new markets and the continent's primary gas supplier.
Experts caution, however, that this shift may once again leave the EU exposed to dependency on a new supplier, albeit a more reliable one than Russia.
The significant investment will go into projects by leading American LNG producers, including Venture Global LNG with $37bn, Cheniere Energy at $22.7bn, and Energy Transfer with $16.8bn, Bloomberg reports. European giants Total and Equinor are
also set to make substantial contributions to the LNG initiative as well.
Amidst this transition, the Biden administration's announcement on January 26 to halt the issuance of LNG export licences for a period of study has cast uncertainty over numerous exporters eyeing the European market. The suspension aims to assess the effects of LNG shipments on US energy security and environmental impact. But the freeze is widely seen as temporary and a tactical move to reassure Biden’s voter base ahead of November’s presidential election.
Analysts also say that the restrictions would be immediately dropped should Donald Trump win the presidency. Until then, the licence freeze leaves over a dozen exporters in a state of flux, despite significant exemptions included in the new rules to ensure key LNG deliveries continue.
The decision has drawn criticism for its perceived inconsistency and blatant political motivation, as the US has vowed to assist an increasingly dependent Europe in its transition away from Russian gas.
113 RUSSIA Country Report February 2024 www.intellinews.com