financetom
World
financetom
/
World
/
CERAWEEK-Europe requires greater infrastructure to cut reliance on Russian gas
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
CERAWEEK-Europe requires greater infrastructure to cut reliance on Russian gas
Mar 19, 2024 7:18 AM

By Arathy Somasekhar and Georgina McCartney

HOUSTON, March 19 (Reuters) - Europe will need to come

up with more infrastructure if it is to replace Russian gas as

thoroughly has it has crude oil, oil and gas executives said at

an energy conference on Tuesday.

Europe's pipeline gas imports from Russia have dropped since

Moscow's 2022 invasion of Ukraine, and the European Commission

has called for nations to end its reliance on Russian fossil

fuels by 2027.

But European Union countries have avoided sanctioning or

banning imports of Russian gas or its liquefied natural gas

(LNG). Some countries including Austria and Hungary remain

significant buyers of the Russian fuel.

"Redirecting liquefied natural gas and building regas

terminals are not long term solutions, Exxon Mobil ( XOM ) Vice

President John Ardill said at the CERAWeek energy conference."

The company has discovered natural gas in the Eastern

Mediterranean and expects to begin an exploration drilling

program next year, Ardill added.

"The infrastructure has not been there and is still not

there. At this stage, Europe really could not cut off LNG," said

Gunvor Chairman Torbjörn Törnqvist in separate remarks at the

conference.

"Unlike in oil, Europe is a little bit more pragmatic when

it comes to receiving Russian gas," Tornqvist said.

Gunvor continues to fulfill its long term contract to supply

Russian LNG to Europe, but there is no room for Russian spot

market LNG volumes, he said.

(Reporting by Arathy Somasekhar in Houston)

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
European Equities Close Mostly Lower on Monday; Euro Area, EU Inflation Decline
European Equities Close Mostly Lower on Monday; Euro Area, EU Inflation Decline
Mar 18, 2024
01:17 PM EDT, 03/18/2024 (MT Newswires) -- The European stock markets closed mostly lower on Monday as the Stoxx Europe 600 was down 0.10%, the Swiss Market Index dropped 0.45%, France's CAC declined 0.20%, the FTSE in London was off 0.06%, and Germany's DAX nudged 0.01% higher. Euro area annual inflation declined to 2.6% in February from 2.8% in January...
Equity Markets Rise Intraday; Fed's Pending Rate Decision in Focus
Equity Markets Rise Intraday; Fed's Pending Rate Decision in Focus
Mar 18, 2024
02:33 PM EDT, 03/18/2024 (MT Newswires) -- US benchmark equity indexes were higher after midday Monday, as investors looked forward to the Federal Reserve's latest monetary policy decision expected this week. The Nasdaq Composite was up 1.3% at 16,171 intraday, and the S&P 500 rose 0.9% to 5,162.9. The Dow Jones Industrial Average advanced 0.4% to 38,860.9. All the sectors...
National Bank Monthly Economic Monitor for March 2024; Anticipates a
National Bank Monthly Economic Monitor for March 2024; Anticipates a "Difficult" 2024 For Economic Growth In Canada
Mar 18, 2024
04:30 PM EDT, 03/18/2024 (MT Newswires) -- In Canada, National Bank said, it is becoming increasingly clear that the rate hikes announced since the start of the recent tightening cycle are taking their toll on the economy, with GDP per capita falling for six quarters, and private domestic demand for two. As for the labor market, National noted, the private...
TSX Closes Flat To Slightly Lower Despite Higher Commodity Prices, And a 30%+ Jump In Nuvei
TSX Closes Flat To Slightly Lower Despite Higher Commodity Prices, And a 30%+ Jump In Nuvei
Mar 18, 2024
04:18 PM EDT, 03/18/2024 (MT Newswires) -- The resources heavy Toronto Stock Exchange (TSX) lost a modest dozen points on Monday despite higher commodity prices and a jump of more than 30% in Nuvei Corp. ( NVEI ) . Still, Canada's main stock market remains within about 250 points of all time record highs. On Nuvei ( NVEI ), it...
Copyright 2023-2026 - www.financetom.com All Rights Reserved