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EU LNG imports from US rise from zero to 2.8 bcm

EU LNG imports from US rise from zero to 2.8 bcm
12:11 10-08-2018 | icon 25

Baku, Azerbaijan, Aug.10

By Leman Zeynalova - Trend:

Since the arrival of the first US LNG carrier in the Portuguese port of Sines April 2016 and today, EU imports of liquefied natural gas from the US have increased from zero to 2.8 billion cubic meters, said a message on the European Commission’s website.

In their Joint Statement of 25 July in Washington D.C., President Juncker and President Trump agreed to strengthen EU-U.S. strategic cooperation with respect to energy.

In this context, the European Union would import more liquefied natural gas from the United States to diversify and render its energy supply more secure. The EU and the US will therefore work to facilitate trade in liquefied natural gas.

"The European Union is ready to facilitate more imports of liquefied natural gas from the U.S. and this is already the case as we speak. The growing exports of U.S. liquefied natural gas, if priced competitively, could play an increasing and strategic role in EU gas supply; but the U.S. needs to play its role in doing away with red tape restrictions on liquefied natural gas exports. Both sides have much to gain by working together in the energy field,” said the European Commission President Jean-Claude Juncker.

Commissioner for Climate Action and Energy, Miguel Arias Cañete, for his part said: that diversification is an important element for ensuring the security of gas supply in the EU.

“Increasing imports of competitively priced liquefied natural gas from the U.S. is therefore to be welcomed. This is happening at a time when EU indigenous gas production is declining more rapidly than foreseen and there is an accelerated phase-out of coal power plants in the EU,” he added.

The global liquefied natural gas market is becoming increasingly fluid and competitive. Between 2017 and 2023, global liquefied natural gas trade is expected to grow by more than 100 billion cubic meters, from 391 to 505.

The International Energy Agency expects liquefied natural gas imports to Europe to increase by almost 20 percent by 2040 compared to 2016 levels.

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