Economy News – Baghdad
According to preliminary data from the London Stock Exchange Group, Russia’s liquefied natural gas (LNG) exports experienced a decline in January, decreasing by five percent year-on-year to a total of 2.75 million tons.
Moreover, LNG exports fell by ten percent compared to the previous month.
The Russian LNG sector is currently grappling with challenges to ramp up exports, primarily due to the stringent restrictions imposed by the United States in the wake of the conflict in Ukraine. The development of the Arctic L.G2 liquefied natural gas facility has been stalled owing to the inability to secure buyers amid ongoing Western sanctions.
Data indicates that LNG exports from Russia to Europe plunged by 17.6 percent on an annual basis and 22 percent month-on-month, totaling 1.4 million tons.
In January, the Yamal LNG facility, operated by Novatek, registered a 5.6 percent annual decline in exports, amounting to 1.7 million tons. Additionally, supplies to Europe diminished from 1.5 million tons in December to about 1.2 million tons in January.
Conversely, the Sakhalin-2 field, managed by Gazprom, saw an uptick in exports, delivering 960 thousand tons in January, representing an increase of eight percent compared to the same period last year.
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