HomeMediaLatest NewsGermany plans to replace Gazprom gas with NOVATEK LNG in 2023

Germany plans to replace Gazprom gas with NOVATEK LNG in 2023

04 April 2022

Belogoryev Alexey M. Research and Development Director, Director of the Center for Energy strategic analysis and forecasting

Alexey Belogoryev, Deputy Principal Director on Energy Studies of the Institute for Energy and Finance, commented to the Ekonomika Segodnya publication on the possibilities of quickly replacing Russian gas imports to Germany.

Germany’s LNG strategy can yield results after 2024, Alexey Belogoryev said, adding that in 2023 the prospects in this area will be limited.

“In 2022, the Germans will definitely not be able to find 10 or 20 billion cubic meters of free gas on the LNG market, and in 2023 there will be few new volumes, with the Arctic LNG 2 of the Russian company NOVATEK becoming the main project,” Belogoryev says.

“Of the commissioning of export LNG capacities planned for 2023, 72% of the volumes fall on Arctic LNG 2, but the prospects for Germany depend on the price that will be at European hubs. If quotes in the EU can compete with Northeast Asia, then everything is possible, but the task is not an easy one. And if we talk about the fight against Russian gas, then the main emphasis in the EU should be on reducing consumption,” Belogoryev sums up.

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