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Trade Trends News
05-01-2024
Russia's liquefied natural gas (LNG) exports to Europe fell 1.9 percent to 15.8 million tons in 2023 and to Asia by 11 percent to 14.9 million tons, data released by the London Stock Exchange showed on Tuesday.
In 2023, Europe increased its purchases of LNG from global producers while significantly cutting Russian pipeline gas imports in response to the conflict in Ukraine.
Total Russian LNG exports fell 6% to 31 million tons last year as plants were scheduled for maintenance over the summer. But in December 2023, Russian LNG exports reached a record 3.2 million tons, 1.9 million tons of which came from Yamal LNG.
Novatek (NVTK.MM), Russia's largest LNG producer, provided the bulk of the exports, shipping 18.7 million tons from the Yamal LNG project in the Arctic and 0.8 million tons from Kriogaz Vysotsk in the Baltic Sea, according to preliminary data from the London Stock Exchange Group.
The Gazprom-led Sakhalin-2 project in the Russian Pacific reduces LNG exports by 10% to 10.1 million tons by 2023.
The medium-tonnage Gazprom LNG Potovaya project, launched in September 2022, exported 1.4 million tonnes of LNG by 2023, mainly to Turkey and Greece, with three cargoes destined for China, one of which was via the North Sea route through the Arctic.
Gazprom and Novatek did not respond to requests for comment.
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