Novatek, Russia’s largest producer of liquefied natural gas (LNG), will start loading first cargo from the Arctic LNG 2 plant no earlier than March, Russia’s Kommersant daily reported on Thursday, citing anonymous sources. Russian Deputy Prime Minister Alexander Novak has earlier said the first shipment would happen in February, but, …
Read More »Germany to Subsidize 10 GW of New Natural Gas Power Plant Capacity
Germany will tender 10 gigawatts (GW) of new natural gas-fired capacity from power plants that could be converted to hydrogen in the 2030s, as part of plans to ensure stable electricity supply as wind and solar power generation and installations grow. The plan for Germany’s power plants is in its …
Read More »Russia’s Novatek Sets up China Office to Market Gas amid Sanctions
Russian natural gas producer Novatek is building a new China-based team to explore marketing the fuel, sources familiar with the plans said, as U.S. sanctions thwart plans for exports from its new multi-billion dollar Arctic project. The move illustrates Russian energy companies’ continued pivot to Asia, especially China, after the …
Read More »India to Sign Billion Dollar Deal to Extend LNG Imports from Qatar
India is likely to sign on Tuesday a multi-billion dollar deal to extend LNG imports from Qatar till 2048 at rates that are lower than current prices, sources said. Petronet LNG Ltd will sign the deal with QatarEnergy to extend import of 7.5 million tonne a year on sidelines of …
Read More »European Industry Hesitant to Boost Natural Gas Demand amid Price Volatility
European industries continue to be hesitant about boosting natural gas consumption, although prices are now a fraction of the records seen in 2022 and Europe appears to have put the worst of the energy crisis behind. The still high volatility in gas futures prices, compared to historical averages, and uncertainties …
Read More »Japan’s Gas Imports Plummet as Nuclear Reactors Restart
Japan’s liquefied natural gas imports for January fell to the lowest level for that month in over a decade, as nuclear reactor restarts, higher renewables output, and energy-savings efforts curb fossil-fuel needs. Deliveries fell to just shy of 6 million tons last month, according to ship-tracking data compiled by Bloomberg. …
Read More »Europe’s Largest LNG Terminal Signs 10-Year Deal for Algerian Natural Gas
The UK’s Grain LNG, Europe’s largest liquefied natural gas terminal, signed on Wednesday a ten-year agreement that will extend the long-term storage and redelivery capacity of Algerian gas company Sonatrach at the Grain LNG terminal from January 2029. Grain LNG, located on the Isle of Grain in Kent, is the …
Read More »OMV Sees German Gas Prices at EUR 30-35/MWh in 2024
Austrian energy company OMV expects German gas prices to average around EUR 30-35/MWh this year, down from EUR 41/MWh in the previous year, it said on Thursday. The front-month contract on Germany’s THE hub was last seen trading around EUR 30/MWh, roughly half of the value seen one year ago. …
Read More »IEA Projects Stronger Gas Demand despite Geopolitical Uncertainty
Growth in global gas demand is set to pick up this year due to colder winter temperatures and easing prices, with emerging economies leading the increase in consumption, but geopolitical risks and supply-side concerns could trigger renewed price volatility, according to the IEA’s latest Gas Market Report. In 2023, global …
Read More »Russia Cuts LNG Exports due to Sanctions
Sibur, Russia’s largest petrochemical company and exporter of liquefied petroleum gas (LNG), is cutting fuel exports from the Baltic port of Ust-Luga due to a shortage of gas tankers amid Western sanctions. According to Ukrinform, Reuters reports this with reference to industry sources. It is noted that the reduction in …
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