403
Sorry!!
Error! We're sorry, but the page you were
looking for doesn't exist.
France ramps up Russian LNG shipments
(MENAFN) France has seen a dramatic rise in its imports of liquefied natural gas (LNG) from Russia during the first half of this year, even as the European Union commits to ending Russian energy consumption by 2027. Analysis from the Institute for Energy Economics and Financial Analysis (IEEFA) reveals that French imports of Russian LNG more than doubled from January to June, reaching nearly 4.4 billion cubic meters (bcm), compared to just over 2 bcm in the same period last year.
This surge in imports stands in contrast to the overall trend across the European Union, where shipments of Russian LNG increased by 7 percent compared to the same timeframe in 2023. While other European Union countries such as Spain and Belgium have reduced their imports—by 1 percent and 16 percent respectively—France's significant increase highlights a notable exception to the general decline in Russian energy consumption.
The rise in French LNG imports comes amid a backdrop of European Union sanctions aimed at curbing Russian energy dependency. In June, the European Union imposed a ban on several operations involving Russian LNG, including re-loading, ship-to-ship transfers, and re-exporting to third countries via the bloc. However, Russian LNG imports through established terminals connected to the European Union's natural gas network remain permissible. France and Spain, which have the highest number of LNG terminals in Europe, have been pivotal in this regard.
TotalEnergies, a major French energy company responsible for the majority of these imports, stated that its increased Russian LNG procurement is due to existing contracts signed prior to the escalation of the Ukraine conflict. The company emphasized its commitment to these agreements, contingent upon European governments' assessments of the necessity of Russian gas for maintaining the European U's energy security.
The situation underscores the complex balance between geopolitical considerations and energy needs, reflecting ongoing debates about Europe's energy strategy and the future of Russian energy supplies within the continent.
This surge in imports stands in contrast to the overall trend across the European Union, where shipments of Russian LNG increased by 7 percent compared to the same timeframe in 2023. While other European Union countries such as Spain and Belgium have reduced their imports—by 1 percent and 16 percent respectively—France's significant increase highlights a notable exception to the general decline in Russian energy consumption.
The rise in French LNG imports comes amid a backdrop of European Union sanctions aimed at curbing Russian energy dependency. In June, the European Union imposed a ban on several operations involving Russian LNG, including re-loading, ship-to-ship transfers, and re-exporting to third countries via the bloc. However, Russian LNG imports through established terminals connected to the European Union's natural gas network remain permissible. France and Spain, which have the highest number of LNG terminals in Europe, have been pivotal in this regard.
TotalEnergies, a major French energy company responsible for the majority of these imports, stated that its increased Russian LNG procurement is due to existing contracts signed prior to the escalation of the Ukraine conflict. The company emphasized its commitment to these agreements, contingent upon European governments' assessments of the necessity of Russian gas for maintaining the European U's energy security.
The situation underscores the complex balance between geopolitical considerations and energy needs, reflecting ongoing debates about Europe's energy strategy and the future of Russian energy supplies within the continent.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.
Most popular stories
More Story
Comments
No comment