The EU Is Still Buying A Lot Of Russian Gas

Staying in the Arctic for another post, this time from High North News, June 12:

EU Receives 100 Shipments of LNG and Gas Condensate from Yamal LNG Project 

Russia continues to send nearly the entirety of LNG and gas condensate production from Yamal LNG to Europe. Throughout the first 120 days of 2024, EU member states took delivery of almost 100 shipments – each valued in the range of USD 40 million. 

Discussions in Brussels and across European capitals continue about how to specifically phase out Russian supplies of liquefied natural gas (LNG). Meanwhile deliveries reached a new high during the first four months of 2024, a new report by Norway’s Center for High North Logistics details. 

Between January 1st and April 30th EU member states – primarily France, Belgium, and Spain – took delivery of 89 shipments of LNG from Novatek’s Yamal LNG project in the Russian Arctic. This compares to 82 shipments during the same period in 2023. 

In addition, the Netherlands received nine shiploads of gas condensate from the same project. Condensates are hydrocarbon liquids produced from natural gas fields. Occupying a niche between traditional crude oil and natural gas, their import into the EU remains unsanctioned. Condensates account for around 10 percent of Yamal LNG’s overall production. 

Each delivery of LNG is valued in the realm of USD 40 million, based on figures in a recent Yamal LNG load sheet seen by HNN. The value of shipments during the first four months of 2024 could total approximately USD 4 billion. Some deliveries are subsequently re-exported to third countries, including China....

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