According to new analyses of trade data, Russian exports of liquefied natural gas (LNG) to France doubled in the first half of 2024, at a time when Europe is trying to withdraw from energy purchases from Russia.
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| France significantly increased its gas imports from Russia in the first half of 2024. (Source: TASS) |
The Institute for Energy Economics and Financial Analysis (IEEFA), citing data from Kpler – a shipping tracking company – and ICIS – a commodity data provider – shows that Europe has restricted oil imports from Russia, but natural gas remains permitted.
According to analysis from IEEFA, French companies imported nearly 4.4 billion cubic meters of Russian LNG in the first half of this year, compared with more than 2 billion cubic meters in the same period last year.
TotalEnergies, the French energy giant that holds the largest market share in imports from January to June 2024, stated that it is bound by contracts signed before the outbreak of the Russia-Ukraine conflict (February 2022).
In addition, the French Ministry of Finance and Economy stated that disruptions to shipping through the Suez Canal have forced the country to reshape its LNG import activities. Gas from the Middle East is no longer easily accessible to Europe, while Russia's route from the Arctic remains unaffected.
Russia's largest LNG project is located on the Yamal Peninsula in the Arctic Circle, a joint venture with TotalEnergies, which owns a 20% stake in the project.
According to the contract signed in 2018, the French corporation committed to purchasing 4 million tons of natural gas from that project each year.
Asserting its legal obligation to honor signed contracts, TotalEnergies stated that it will continue this operation "as long as European governments consider Moscow's gas essential for the security of the European Union's (EU) supply."
TotalEnergies stated that they would only be able to suspend LNG purchases from Russia if new sanctions were implemented.
Source: https://baoquocte.vn/ga-khong-lo-nang-luong-cua-phap-ly-giai-nguyen-nhan-chua-the-cai-nghien-khi-dot-nga-281565.html
