EU market open for Russian LNG, supply seen to grow in 2022 - TrueID

EU market open for Russian LNG, supply seen to grow in 2022

Philippine News AgencyDecember 26, 2022

Russia's Deputy Prime Minister Alexander Novak

MOSCOW – The European Union market remains open for Russian liquefied natural gas (LNG), Russian Deputy Prime Minister Alexander Novak told TASS, adding that LNG supplies increased to 19.4 billion cubic meters during the 11 months of 2022.

"Even now, this market is not closed. For example, we were able to significantly increase LNG supplies to Europe this year; they have increased to 19.4 billion cubic meters in 11 months of 2022, and we expect 21 billion cubic meters by the end of the year," Novak said.

He said there is still a gas deficit in Europe, thus Russia is ready to resume supplies via the Yamal-Europe pipeline.

Russia also holds negotiations on increased supplies through Turkey after a gas hub is created in this country.

"The European market remains relevant because a gas deficit remains, and we have all capabilities to restore supplies. For example, the Yamal-Europe pipeline, shut down over political motives, remains unused," Novak said.

Right now, Russia supplies gas through the TurkStream pipeline, which currently runs at full capacity, while the Ukrainian route supplies 42 million cubic meters of gas daily, or about one third of the transit volume stated in the contract.

"Right now, the implementation of additional gas supply volume through Turkey after a gas hub is created there is being discussed. We actively work with the countries that will take part in this project, as well as with the consumers that require gas from Russia," he said.

Novak said applications from European consumers for increased gas supplies come in all the time.

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