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Energy chief announces EU dependence on LNG increasing
(MENAFN) The European Union has significantly increased its reliance on liquefied natural gas (LNG) imports following its decision to halt purchasing pipeline gas from Russia, according to Alfred Stern, CEO of Austrian energy company OMV. In an interview at the World Economic Forum in Davos, Stern explained that for the first time in over 60 years, Europe no longer has any Russian gas contracts, making alternative sources of gas supply more critical.
Stern acknowledged that Europe has become more dependent on LNG supplies, noting that transitioning away from fossil fuels would require substantial innovation and investment. Data from the first half of 2024 revealed that Russia was the second-largest supplier of LNG to the EU, following the US.
Stern also commented that US President Donald Trump's potential increase in oil and gas production could benefit the EU, especially if restrictions on US LNG liquefaction terminals were lifted, which could lead to greater fuel availability for the European energy market.
Despite efforts to reduce dependence on Russian energy following the Ukraine conflict in 2022, the EU continues to import Russian LNG, although sanctions have targeted certain aspects of this trade. Stern warned that completely abandoning Russian gas would have severe economic consequences for Austria, which had historically relied on Russia for the majority of its gas supplies.
Stern acknowledged that Europe has become more dependent on LNG supplies, noting that transitioning away from fossil fuels would require substantial innovation and investment. Data from the first half of 2024 revealed that Russia was the second-largest supplier of LNG to the EU, following the US.
Stern also commented that US President Donald Trump's potential increase in oil and gas production could benefit the EU, especially if restrictions on US LNG liquefaction terminals were lifted, which could lead to greater fuel availability for the European energy market.
Despite efforts to reduce dependence on Russian energy following the Ukraine conflict in 2022, the EU continues to import Russian LNG, although sanctions have targeted certain aspects of this trade. Stern warned that completely abandoning Russian gas would have severe economic consequences for Austria, which had historically relied on Russia for the majority of its gas supplies.
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