U.S. to boost LNG exports to Europe with sanctions on Russia

U.S. to boost LGN exports to Europe with sanctions on RussiaSabine Pass cargo loading (Image: Cheniere)

The latest decision by the U.S. Senate to impose new sanctions on Russia over alleged involvement in the 2016 elections is aimed at boosting U.S. LNG exports to Europe, according to a report.

Responding to potential new sanctions, Gazprom’s deputy chief, Alexander Medvedev, was quoted by Interfax as saying that the implementation of sanctions is aimed at ensuring a larger stake of American LNG in the European market.

The Russian giant has dismissed competition from US-produced LNG to its piped natural gas in the European market, with high transportation costs hampering its competitiveness.

Medvedev went on to say the company hopes that the United States president, Donald Trump will not approve the newly proposed sanctions.

The United States Senate is strongly opposing Gazprom’s Nord Stream 2 pipeline project, claiming it would have severe impacts on EU’s energy security.

Austria and Germany have noted that sanctions on Russia would lead to European companies breaching U.S. law due to their involvement in Russian energy projects, Reuters reports.

Five energy companies, Shell, Engie, OMV, Uniper and Wintershall, have committed to each committed to providing financing and guarantees for up to 10 percent of the total cost of the Nord Stream 2 pipeline project, which is currently estimated to be €9.5 billion ($10.6 billion).


LNG World News Staff

Share this article

Follow LNG World News


<< Jan 2018 >>
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31 1 2 3 4

Singapore Maritime Technology Conference and Exhibition (SMTC) 2018

The 3rd Singapore Maritime Technology Conference and Exhibition (SMTC) 2018…

read more >

CWC Japan LNG & Gas Summit

The inaugural CWC Japan LNG & Gas Summit, with participation and support from METI, JERA, Tokyo Gas and IEEJ, is the dedicated platform for international suppliers…

read more >

Asia Pacific Maritime and Offshore Exhibition 2018

7 years in the making, APM is the premier shipbuilding & marine, workboat and offshore exhibition in Asia…

read more >

CWC 2nd Papua New Guinea Petroleum & Energy Summit

The 2nd CWC Papua New Guinea Petroleum and Energy Summit is held under the patronage of the Prime Minister of Papua New Guinea…

read more >