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 >
GLOBAL MARKETS-Asian shares rise on tech boost; yen on intervention watch
GLOBAL MARKETS-Asian shares rise on tech boost; yen on intervention watch
Apr 23, 2024
SINGAPORE, April 24 (Reuters) - Asian stocks rose on Wednesday, tracking Wall Street, as an after-hours surge in shares of EV maker Tesla following its promise of new models, and upbeat earnings from some U.S. companies lifted risk sentiment. The yen was rooted near 34-year lows, keeping traders wary of possible intervention from Tokyo. MSCI's broadest index of Asia-Pacific shares...
Morning bid: Risk asset resilience, Indonesia's rate call
Morning bid: Risk asset resilience, Indonesia's rate call
Apr 23, 2024
(Reuters) - A look at the day ahead in Asian markets. Investors continue to breathe life back into risky assets, paving the way for a positive market open in Asia on Wednesday as attention in the region turns to the latest interest rate decision and guidance from Indonesia. Trade figures from Thailand and New Zealand, service sector producer inflation data...
EMERGING MARKETS-Retreating dollar, fading risk aversion relieves pressure on Latam markets
EMERGING MARKETS-Retreating dollar, fading risk aversion relieves pressure on Latam markets
Apr 23, 2024
* Argentina's Milei touts rare government surplus * Colombia predicts $10 bln in foreign investment from Europe this year-minister * Mexican peso rises after three days of losses * Latam FX up 1%, stocks add 1.1% (Updated at 3:30pm ET/1930 GMT) By Bansari Mayur Kamdar April 23 (Reuters) - Latin American currencies extended gains for a third straight session on...
MORNING BID ASIA-Risk asset resilience, Indonesia's rate call
MORNING BID ASIA-Risk asset resilience, Indonesia's rate call
Apr 23, 2024
April 24 (Reuters) - A look at the day ahead in Asian markets. Investors continue to breathe life back into risky assets, paving the way for a positive market open in Asia on Wednesday as attention in the region turns to the latest interest rate decision and guidance from Indonesia. Trade figures from Thailand and New Zealand, service sector producer...
Copyright 2023-2024 - www.financetom.com All Rights Reserved