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Chinese media named the winner of the energy crisis in Europe

BEIJING, September 3 – RIA Novosti. The US has been the biggest beneficiary of the Ukraine crisis and Europe’s energy woes, opening up a huge market for US gas suppliers and hurting an important component of Russian exports, according to China’s state-run Global Times newspaper.
The author of the article believes that the EU, due to concerns about the indefinite termination of supplies via Nord Stream, will be forced to increase imports of liquefied natural gas from alternative sources in anticipation of winter, and this makes the United States the main winner in the conflict between Moscow and Kyiv. The newspaper notes that the shift in European demand from Russian pipeline gas to LNG has already led to a record increase in orders for tankers to transport it.

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Lin Boqiang, director of the China Energy Economics Research Center at Xiamen University, said that at a time when Russian energy supplies were in free fall, the EU had no choice but to ramp up US imports at all costs. The result was an unprecedented profit for American exporters.

“This would have been unthinkable in the past as U.S. LNG prices are clearly much higher than Russian pipeline gas prices due to transportation costs, but now the Ukrainian crisis has made that a reality as the EU is determined to reduce its energy dependence on Russian gas. “, said the analyst.

In his opinion, the cost of energy carriers will remain high until the “restructuring of the world energy landscape” is completed, which will additionally affect the recovery of the world economy. However, even huge spending on American LNG does not guarantee saving Europe from rising inflation, electricity shortages and interruptions in production this coming winter, Lin said.

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Another expert, who spoke on condition of anonymity, said that the United States benefited the most from the energy crisis – it opened up a huge market for its suppliers, increased its control over Europe and damaged a key component of Russian exports.
“The EU needs more time to prepare to reduce its dependence on Russian gas, which includes, among other things, an increase in the number of LNG carriers and an increase in the number of gas storage facilities,” he stressed.
According to media reports, Chinese and South Korean shipyards received a record number of orders for ships for the transport of liquefied natural gas. So, one of the experts based in Shanghai, Hudong-Zhonghua Shipbuilding, on condition of anonymity, said that the number of contracts this year is equivalent to their total number over the past 20 years.

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“Even with enough LNG carriers available, the EU may still face a shortage of receiving and storage terminals, which can take years to build. To reduce construction time, Germany is converting LNG carriers into floating LNG regasification units, but it will be difficult to complete the work by this winter,” said an analyst at Hudong-Zhonghua Shipbuilding.
Gazprom announced the day before that Nord Stream, which had been previously stopped for three days for scheduled maintenance, could not resume operation due to an oil leak at the only running Trent 60 unit. At the same time, a representative of the German Siemens Energy said that the company did not consider the conclusion Russian concern technical reason for stopping the gas pipeline.
Nord Stream has been operating with restrictions since mid-June, and since the end of July, it has been operating at only 20 percent of its nearly 170 million cubic meters of throughput capacity per day. The Russian side emphasized that the decrease in supplies was due solely to sanctions, which caused problems with the maintenance and repair of Siemens gas pumping units. Recently, only one turbine provided work.

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Translation by RJ983

Disclaimer: Via RIA Novosti – Checked




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