The bloc has been importing LNG in addition to pipeline gasoline from different suppliers, its vitality commissioner says
The European Union has fully changed Russian pure gasoline imports with LNG and pipeline gasoline from various dependable suppliers, Vitality Commissioner Kadri Simson advised a plenary session of the European Parliament on Wednesday.
The bloc is because of debate a gasoline worth cap proposal on Thursday to stop sky-high prices for shoppers.
“Diversification, demand discount, a standard storage coverage [and] our #RepowerEU actions are making a distinction,” Simson tweeted after the session, including: “However we have to keep vigilant.”
The substitution of Russian pipeline gasoline got here on the again of the elevated purchases of liquefied pure gasoline (LNG) from the US, specialists advised RIA Novosti.
Based on the European Fee, between January and August the overall quantity of gasoline imports from Russia, together with LNG, decreased by 39 billion cubic meters (bcm). Throughout the identical interval, LNG provides from the US jumped by nearly 80% in annual phrases.
Final yr, Russia accounted for round 45% of the EU’s gasoline imports. Based on the Worldwide Vitality Company, Moscow provided 155 bcm to the bloc, whereas this yr imports are anticipated to drop to somewhat over a 3rd of that (round 60 bcm).
READ MORE: EU boosts LNG imports – knowledge
In the meantime, analysts from the analysis agency Kpler warned this month that changing Russian pipeline gasoline provides with LNG would end in important prices for the EU. In contrast to pipeline gasoline, which is normally provided below long-term contracts, LNG is extra typically bought on the spot market, and its price tends to be many occasions greater.
In the meantime, elevated purchases by the EU have been making it tough for growing nations to purchase LNG, as they’re being now pressured to compete on worth with wealthier nations.
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