Russian LNG exports to EU reach record high of 1.75 million tons
Date
12/6/2023 8:33:57 AM
(MENAFN) In November, Russian liquefied natural gas (LNG) exports to the European Union reached a record high of 1.75 million tons, as reported by a business daily citing Kpler data. This surpassed the previous record set in December 2022, when 1.737 million tons were exported to the region.
The majority of November's shipments went to France and Belgium, receiving LNG from facilities in the Yamal peninsula and Vysotsk, operated by Novatek, Russia's second-largest gas producer.
On a global scale, Russian LNG shipments totaled 2.914 million tons in November, marking a 9.3 percent increase compared to the same period the previous year. However, deliveries to China experienced a significant decline, dropping to 0.1 million tons from 0.8 million tons in the previous month.
According to independent energy expert Aleksandr Sobko, Dutch Transfer Title Facility (TTF) gas futures for November deliveries were occasionally priced equally or higher than spot LNG supplies to Asia. This shift in dynamics, coupled with lower transportation costs to the EU from Yamal, contributed to the EU market's growing attractiveness.
Sobko also noted that China's CNPC, a buyer of Yamal LNG, had redirected some shipments from Russia to more profitable markets, compensating for the Chinese market with supplies from other sources.
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