EU Proposes Phase-Out Of Russian Gas by 2027, Currently Spends €1.5bn Each Month on Imports The European Commission announced the details for its proposed ban of Russian gas and oil. Short-term and new contracts could come to an end in 2026, but the bulk of imports under long-term agreements would continue for another 2.5 years, potentially sending another €30-40 billion to Russia.
Russia to Earn $160bn in Taxes From Northern Sea Route by 2035, Arctic Region Accounts for 7.5 Percent of GDP New government figures highlight the critical role the Arctic plays in Russia’s economy. Projects along the main shipping corridor may generate massive tax revenues over the next decade and account for growing share of the country’s export and GDP.
EU Proposes Russian Gas Ban for 2027 But Imports on the Rise Again, Norway Remains Top Supplier After years of debate the European Commission aims to ban Russian gas by the end of 2027. How the proposal will be received across EU capitals remains to be seen, especially in light of recently rising gas imports from Russia. Meanwhile Norway solidly remains the largest supplier providing nearly one-third of EU gas.
EU Fails to Act on Russian LNG As Some Member States Discuss Restart of Gas Imports After War Russian liquefied natural gas receives a pass in the latest round of EU sanctions. The European Commission will not be including new significant measures against the supercooled gas from Russia. The bloc imported record amounts from Russia in 2024.
Germany Can’t Shake Russian Gas: LNG Purchases from Arctic Yamal Project Skyrocket Germany joined France, Belgium, and Spain as key importers of Russian LNG in 2024, a new study reveals. German energy company SEFE, federally-owned by the government, imported 58 shipments from Yamal LNG into the EU port of Dunkirk, a 650 percent increase over 2023. Some of this Russian LNG finds its way into Germany counter to its government’s assurances that it does not import Russian gas.
Alaska Looking to Re-Enter Global LNG Market with Massive $44bn Project The proposed Alaska LNG project has taken its next hurdle with the signing of a development agreement. The $44bn project would see Alaska export up to 20m tonnes of LNG per year starting in 2031.
EC Expected To Propose Partial Ban of Russian LNG as Kremlin Issues Strong Rebuke Following recent calls by Swedish and German officials to move toward restricting the inflow of Russian liquefied natural gas the European Commission has now taken up the issue. In discussions with member states the EU is suggesting a ban on transshipments.
Russia Reduces LNG Forecasts As Western Sanctions Delay Arctic Projects The latest Russian forecasts for liquefied natural gas suggest that officials do not expect Novatek’s Arctic LNG 2 project to reach full capacity before 2026, even in the most optimistic scenario. In two more conservative scenarios the Ministry of the Economy does not expect Train 2 of Arctic LNG 2 to begin production before 2028.
Germany Supports Swedish Push for EU Ban of Russian LNG Just days after Swedish calls to sanction imports of Russian liquefied natural gas, German government officials confirmed their support for an EU-wide ban. The measures could be included in the upcoming 14th sanctions package, but are likely to face resistance from major Russian LNG importing countries such as Spain, Belgium and France.
EU Countries Divided on How to Phase out Russian Arctic LNG A month before the EU Parliament is expected to vote on a directive to give states a tool to block the flow of Russian liquefied gas, some member states are voicing concern that the proposed measures are insufficient to undo long-term contracts. Without a unified approach the flow of Russian LNG could simply be diverted to neighboring countries, Spanish officials warn.
No Shipments from Russia's Arctic LNG 2 Until March as Sanctions Block Delivery of LNG Carriers US sanctions continue to delay the initial shipment of gas from Russian gas producer Novatek’s Arctic LNG 2 project. The lack of ice-capable carriers for liquefied natural gas has delayed the first cargo until at least March. Meanwhile, Novatek has begun looking for new buyers of its sanctioned gas in China.
Russia's Novatek on Track to Complete 2nd Train of Arctic LNG 2 in 2024 The final module for the 2nd production line of Russian gas producer Novatek’s Arctic LNG 2 project, departed from China last week. In February the company will integrate the last three modules ahead of towing the LNG train to the Gydan peninsula this summer. While US sanctions have not yet halted construction, it remains to be seen how much LNG Novatek will be able to sell.
World’s Largest Floating Structure Arrives at Gydan Peninsula After more than three years of construction and a three-week towing operation supported by a dozen ships, the world’s largest floating platform ever constructed arrived at the Arctic LNG 2 facility in Russia. Here it will be integrated with land-based infrastructure and production is set to start before the end of the year.
Novatek To Surpass Gazprom As EU’s Largest Russian Gas Supplier, Highlighting Continued Reliance on LNG Ukrainian officials again urged the EU to end imports of Russian liquefied natural gas. Russia continues to supply more than 15 percent of the EU’s liquefied natural gas enabling gas producer Novatek to surpass gas giant Gazprom to become the country’s largest supplier to the continent.
New LNG Storage Hub Set to Accelerate Flow of Russian Gas to Europe A new transfer point for liquefied natural gas in waters adjacent to the Barents Sea will further expedite the delivery of Russian gas to Europe. The hub arrived this week after a 12,000 nautical mile journey from South Korea and will begin operations this summer.
The War Shall Be Won With Oil and Killers Commentary: Russia is releasing killers from its prisons for them to continue killing. That is happening concurrently as Russian industrial companies are setting historic sales records. War is an absurd place.
World’s Largest LNG Storage Barge Approaches Bodø En Route to Russian Arctic Novatek’s long-awaited hub for liquefied natural gas is about to arrive in the Barents Sea. It is currently around 350 km to the southwest of Bodø. Meanwhile, new modules for Novatek’s Arctic LNG 2 plant are being shipped from China via the Northern Sea Route. The company has also sent its first delivery of liquefied natural gas of the year to China along the route.
Northern Sea Route Sees Lots of Russian Traffic, But No International Transits in 2022 A new report on the Northern Sea Route shows stable traffic originating from the Russian Arctic, but also notes that international transit traffic on the route has declined sharply. In addition, very few non-Russian vessels now use the route with data showing that almost 90 percent of vessels on the route fly the Russian flag.
Two Asian Shipyards Continue to Build LNG Tankers for New Russian Arctic Gas Project Novatek and its partners continue to push ahead with Arctic gas projects even in the face of economic sanctions. Images analyzed by HNN indicate at least 8 new gas carriers at various stages of completion. The first ones could be delivered later this year.
EU Begins Consultations to Curb Inflow of Russian LNG Following earlier calls by the EU Commission and member states to begin limiting imports of Russian liquefied natural gas, discussions on the issue began last week as part of a broader gas package.
Putting a Stop to Oil and Gas Exploration Projects in Norway’s Arctic Regions Norwegian energy giant, Equinor, is pushing for the world’s northernmost offshore oil and gas exploration project in the Barents Sea - a plan that spells bad news for our global climate and Arctic marine ecosystems, Elena F. Tracy and Guro Lystad with the World Wildlife Fund argues in this op-ed.
The AEC on the EU Arctic Policy: “Leave Arctic Business to the People who Live Here” Icelandic investor and Deputy Chair of the Arctic Economic Council, Heidar Gudjonsson, told the EU to mind its own business – or territory – regarding the EUs new Arctic Policy.
How Were the Experts to Know that the Sun Would Shine and the Wind Would Quiet? Commentary: Europe is freezing and Norway makes more money on gas exports than ever before. Russia is shutting its taps, while China puts new coal plants to work in order to face the energy crisis. I am talking – like everyone else – about the price on power. About an international market under pressure from “all” sides.
Saudi Arabia Looks to Enter Arctic LNG With Large Investment The world’s largest oil company Saudi Aramco aims to acquire large stake in Novatek’s Arctic LNG 2 project. Large Russian energy developments supported by China and now likely Saudi Arabia will continue to impact Norway.
