Oil & Gas

11 Apr 2024

Russian LNG Accounts for a Quarter of Spanish Gas Imports in March

11 Apr 2024  by reuters   

A general view shows Enagas liquefied natural gas (LNG) terminal at Zona Franca in Barcelona, Spain, March 29, 2022. REUTERS/Albert Gea/File photo Purchase Licensing Rights
Liquefied natural gas (LNG) from Russia comprised almost 26% of Spain's gas imports in March, up from 14.4% a year earlier, confirming that the Iberian country is a key entry hub for Russian gas into Europe.

Data from Spanish grid operator Enagas (ENAG.MC), opens new tab showed on Wednesday that Russia was the country's second-largest gas supplier last month after Algeria. LNG shipments represented 65.5% of Spain's imports while the rest came through pipelines.

Thanks to the largest stable of import terminals in the European Union, Spain has become the top re-exporter of seaborne Russian supply, which totalled 23% of all Spanish gas imports in January-March.

Spain's natural gas imports fell 23.2% in the month compared with the same month a year earlier, corresponding to 29,129 gigawatt-hours, Enagas said in a statement.

Total gas imports from Algeria accounted for 42%. Spain's storage facilities were 81%, opens new tab full at the end of March.

In March, Spanish Energy Minister Teresa Ribera called for a common approach from the European Commission to ban Russian gas, including the seaborne LNG, as a result of Russia's invasion of Ukraine in 2022, after Lithuania had said the EU should fix into law its plan to quit it by 2027.

Still, Russia's oil and gas revenue, which accounts for around a third of total budget proceeds, jumped 90% last month from March 2023.


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