« BackNews: Russian LNG Exports Climb

Russian LNG Exports Climb

The volume of liquefied natural gas (LNG) Russia is exporting has increased this year, with the country’s official customs figures showing that its exports were up by 63 per cent in the first nine months of 2018.

Urdu Point reported that Russian LNG exports have now hit 29.2 million cubic metres. What’s more, natural gas exports from Russia also increased in the same period, reaching 165.9 billion cubic metres, an 8.6 per cent rise on the previous year.

According to the Federal Customs Service, the returns from the nation’s LNG exports now stand at $4.1 billion, while those from natural gas generate revenues of $35.3 million.

And it appears that Russian gas exports are set to increase again, after Gazprom announced that it had signed a new long-term contract to supply Austria’s OMV with gas.

The Austrian firm has agreed to buy a further one billion cubic metres of gas per year, on top of the five billion cubic metres it already purchases annually from Gazprom.

S&P Global reported that total Russian gas exports to Austria hit 9.1 billion cubic metres in 2017, and that figure looks set to climb again with news of this latest contract.

The amended contract with OMV will come into force on 1 January next year, and will run until 2040, the company revealed.

OMV CEO Rainer Seele told the news provider that there are a number of reasons for rising gas imports in Austria and elsewhere in Europe, but noted it is “primarily as the result of gas-fired power plants replacing coal, coupled with the simultaneous decrease in European production”.

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