Availability Of LNG Supply 'Saved' Europe This Winter Amid Gas Shortage - Shell CEO

The availability of Liquefied Natural Gas (LNG) on the global market saved Europe this winter as it faced a gas shortage stemming from the Ukraine conflict, Shell CEO Wael Sawan said on Thursday.

HOUSTON (UrduPoint News / Sputnik - 09th March, 2023) The availability of Liquefied Natural Gas (LNG) on the global market saved Europe this winter as it faced a gas shortage stemming from the Ukraine conflict, Shell CEO Wael Sawan said on Thursday.

"I think this LNG market is absolutely critical, people talk about this LNG has a critical role," Sawan said during the CERAWeek energy conference in Houston. "I mean, if there was one thing that has saved us in Europe this winter, it was the availability of LNG."

According to Sawan, LNG imports in Europe increased by 60% just last year in 2022. Most US LNG supply was destined to go to China, but because of pandemic-related lockdowns in China, he added that a lot of it was diverted to Europe.

Germany has made significant improvements in its capacity to import more LNG supply, Sawan said, adding that there are two LNG terminals that came online but soon should have four LNG terminals operating.

After Russia began its special military operation in Ukraine, the West actively searched for ways to limit Moscow's energy-related income, notably from oil and gas. Moreover, the Ukraine conflict also stopped the flow of Russian gas to Europe, which led to a spike in gas prices for the energy and shortages that the United States is trying to help alleviate through LNG exports.