Europe’s LNG imports increased by 60 percent last year

According to Shell’s LNG Outlook 2023 report, European countries, including the UK, imported 121 million tonnes of LNG last year.

According to the report, European countries, which limited their purchases of natural gas from Russia to support Ukraine, considered alternative sources such as LNG. With the decline in demand for natural gas from Russia, LNG imports increased, especially with the rapid renovation and development of regasification plants in Northern Europe.

INCREASED 60 PERCENT

Thus, Europe’s LNG imports increased by 60 percent last year compared to the previous year, and LNG has become an important part of Europe’s energy security. This situation, although it pushed LNG prices to record levels, caused price fluctuations in world energy markets.

Europe’s turn towards more LNG has forced other buyers around the world who need this gas to reduce their imports and turn to other fuels. High global LNG prices caused Pakistan and Bangladesh to import more fuel oil and India to use more coal, while LNG imports declined in South Asian countries.

According to the report, global LNG demand is estimated to reach 650 million tons by 2040. “More investment in liquefaction projects is needed to avoid the supply-demand gap that is expected to emerge by the end of the decade. 2020,” the report states. statements were included. (AA)