Europe buys record amount of Russian liquefied gas

Russia's liquefied natural gas (LNG) exports to the European Union (EU) hit an all-time high of 1.75 million tonnes in November.

The information was compiled by energy and shipping data firm Kpler. Previously, the month with the highest export of Russian LNG to the EU was December 2022, with an output of 1.737 million tons.

The two European countries that bought the most Russian liquefied natural gas last month were France and Belgium. They sourced LNG from the Yamal Peninsula and the town of Vysotsk, supplied by Russia’s second-largest gas producer, Novatek.

LNG tanker in Yamal Peninsula in 2019. Photo: Novatek

In November, Moscow's total LNG exports reached 2.914 million tons, up 9.3% year-on-year. Thus, Europe bought more than 60% of Russia's output sold abroad. Meanwhile, LNG exports to China dropped sharply to 0.1 million tons, compared to 0.8 million tons in October. In the first 11 months of 2023, Russia exported 29.1 million tons of LNG, down 2.5% year-on-year.

Since the start of the conflict in Ukraine, the EU has been aiming to wean itself off Russian gas and liquefied natural gas. However, this year, Russian LNG exports to the region have increased. Several European countries have even allowed their ports to transship and/or re-export Russian LNG. In the first nine months, the EU terminals that received the most LNG from Russia were Zeebrugge (Belgium), Montoir-de-Bretagne (France) and Bilbao (Spain).

On the Dutch energy exchange TTF, LNG contracts for November delivery have been priced at or above spot LNG prices for Asia for some days, according to independent energy expert Aleksandr Sobko. The EU market has become more attractive because the cost of shipping there from Yamal has dropped significantly.

In addition, Japan and South Korea continued to buy Russian LNG from the Sakhalin-2 project under long-term contracts with Gazprom. Supplies to Japan in November increased by 22% year-on-year to 0.64 million tonnes. Meanwhile, exports to South Korea increased by 50% to 0.28 million tonnes.

Phien An ( according to RT )

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