Europe and the potential of the LNG market

Europe and the potential of the LNG market

Emilio Fabio Torsello
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According to a report by GLE, the continent could exploit its terminals for receiving Liquefied Natural Gas a lot more. While the US has sent a first tanker from the Gulf of Mexico to Turkey

If the oil market is unsettled due to the uncertain agreement on output, exchanges of LNG are growing and speak of a changing scenario. According to the report by GLE - Gas Infrastructure Europe, currently the continent’s hubs are in fact only being exploited to a fifth of their potential, something that bodes well, given the EU objective of reducing emissions by 40% by 2030. However, the implementation of facilities and routes that can supply Europe with LNG is fundamental. Indeed, this would also allow the continent to effectively free itself from Russian energy dependence via a diversification of energy sources.
And lately countries like Poland, the Iberian Peninsula states and - most recently - Norway are seen to be headed in this direction. In these last few days in fact Norway has signed a cooperation agreement for the shipment of LNG with Iran. The announcement was made by Norway’s Deputy Trade, Industry and Fisheries Minister, Dilek Ayhan, and the Head of the National Iranian Tanker Company, Ali Akbar Safaei.
And the import market has now seen a third cargo from the Gulf of Mexico, USA, tie up at a European port. The first two were sent to the Iberian Peninsula, in recent days a third tanker reached the Aliaga Terminal at one of Turkey’s major ports. What with the political uncertainty following the recently failed coup, hence, the US has entered the Ankara energy supply market, openly competing with suppliers like Russia.