Russian liquefied natural gas (LNG) exports to France are set to double in the first half of 2024, according to new analysis of trade data, as Europe tries to pull out of energy purchases from the country.
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| France to sharply increase gas imports from Russia in the first half of 2024. (Source: TASS) |
Europe has restricted oil imports from Russia, but natural gas is still allowed, according to data from Kpler, a shipping tracking company, and ICIS, a commodity data provider, according to the Institute for Energy Economics and Financial Analysis (IEEFA).
According to analysis from IEEFA, French companies imported nearly 4.4 billion m³ of Russian LNG in the first half of this year, compared with more than 2 billion m³ in the same period last year.
TotalEnergies - the French energy giant with the largest market share in the import list from January to June 2024 - said it was bound by contracts signed before the Russia-Ukraine conflict broke out (February 2022).
The French Ministry of Finance and Economy said that the disruption of shipping through the Suez Canal has forced the country to reshape its LNG imports. Gas from the Middle East is no longer easily reaching Europe, while Russia's route from the Arctic is not affected.
Russia's largest LNG project, located on the Yamal Peninsula in the Arctic Circle, is a joint venture with TotalEnergies, which owns a 20% stake in the project.
Under the contract signed in 2018, the French group committed to buying 4 million tons of gas from that project each year.
Affirming that it is legally obliged to respect signed contracts, TotalEnergies said it would continue this activity "as long as European governments consider Moscow's gas to be necessary for the European Union's (EU) security of supply".
TotalEnergies said that only if new sanctions are imposed can it suspend LNG purchases from Russia.
Source: https://baoquocte.vn/ga-khong-lo-nang-luong-cua-phap-ly-giai-nguyen-nhan-chua-the-cai-nghien-khi-dot-nga-281565.html
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