Latest news with #gasimports
Yahoo
3 days ago
- Business
- Yahoo
Equinor and Centrica Ink $27 Billion Natural Gas Supply Deal for U.K.
Equinor ASA (NYSE:EQNR) has signed a new long-term deal with U.K. energy company Centrica, worth roughly £20 billion ($27.1 billion), to supply natural gas to the U.K. over the next decade. Starting October 1, the agreement is based on current market prices and will provide about 10% of the country's annual gas needs. Despite efforts to cut back on fossil fuels, around 70% of U.K. homes still rely on gas for heating, and gas power plants contribute roughly 25% of the nation's electricity. Under the agreement, Equinor ASA (NYSE:EQNR) will deliver about 5 billion cubic meters of gas per year, compared to the U.K.'s 2024 total demand of 55.8 billion cubic meters. Equinor ASA (NYSE:EQNR) Chief Executive Anders Opedal made the following statement: 'This agreement will continue to support the U.K.'s energy security with reliable gas supplies from the Norwegian continental shelf.' This deal replaces an earlier 10-year contract between the two companies that began in 2015 and ends in 2025. Last year, the U.K. imported nearly two-thirds of its gas supply, with Norway accounting for half of those imports, especially after Russian gas exports to Europe dropped following the 2022 invasion of Ukraine. EQNR has surged by over 4% in the past month. While we acknowledge the potential of EQNR as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock. READ NEXT: and Disclosure. None. Sign in to access your portfolio
Bloomberg
21-05-2025
- Business
- Bloomberg
Global LNG Suppliers Wager That China's Demand Slump Is Fleeting
Global gas giants are betting the current lull in Chinese demand is temporary, and that the country will underpin their multibillion-dollar investments for years to come. China's gas imports have fallen in 2025, a decline centered on seaborne shipments of liquefied natural gas that slumped 22% through April from the previous year. Demand for LNG — the fuel carried in super-chilled tankers — is headed for its first annual drop since the height of the pandemic, just as new export projects are slated to come online, led by the shale gas fields of the US.
Reuters
09-05-2025
- Business
- Reuters
Spain's LNG imports from the US soar, represent 35% of all gas supply
May 9 (Reuters) - Imports of liquefied natural gas from the United States rose to 35% of Spain's total gas imports in the first four months of this year from just over 20% a year ago, while imports of Russian LNG declined, data showed on Friday. Europe has increasingly imported superchilled gas shipped from the U.S. since Russia's invasion of Ukraine significantly reduced the amount of Russian gas piped to Europe. In the first four months of the year, Spain imported the equivalent of 45,932 gigawatt-hours (GWh) of gas from the U.S., compared with 24,885 GWh a year earlier, according to data from Spanish gas grid operator Enagas ( opens new tab. The U.S. has become the main gas supplier to Spain, replacing Algeria, which ships liquefied gas and also pumps gas directly to Spain through pipelines. Spain's overall gas demand declined by 3%, Enagas said. The U.S. liquefied gas also replaced the liquefied gas sent from Russia. As a share of Spain's total imported gas, Russian gas fell to 13.3% in the first four months of this year down from 22.4% in the same period last year.
Zawya
08-05-2025
- Business
- Zawya
Iraq urged to develop gas infrastructure to end power crisis
Iraq is facing a growing electricity crisis as soaring summer temperatures coincide with the expiration of US sanctions waivers, cutting off critical gas imports from Iran, Iraq's Shafaq news agency said on Thursday. 'Iraq has lots of gas reserves, but most of it is associated with oil production, and their gas transport and processing infrastructure is underdeveloped,' it said, quoting Paul Sullivan, Professor of Energy Security at Johns Hopkins University. Sullivan urged domestic investment in the gas sector, stressing 'the solution for Iraq is to develop its internal resources and infrastructure for gas. But that will take some time.' Iraq currently imports around 50 million cubic feet of Iranian gas daily—roughly two-thirds of its power generation capacity—according to government spokesperson Basim al-Awadi. However, the expiration of US sanctions waivers on 7 March has severely disrupted those imports, leading to nationwide blackouts. Sullivan characterised the situation as 'extremely difficult,' warning that Iraq is trapped in a time-sensitive crisis. While some have suggested switching to floating LNG terminals, he noted, 'Even getting FLNG ships docked and ready to import will take time.' The professor also pointed out that Germany was able to adapt quickly after losing Russian supplies, but emphasised that Iraq faces a very different set of logistical and financial constraints Muhyiddin Qassar, a former economics professor at the US Northwestern University, said that reinstating the waiver remains politically uncertain. 'Trump could reverse course, but right now he's using energy policy as leverage in nuclear talks with Iran,' he observed. In a recent report, Iraq's Ministry of Electricity said that generation capacity is estimated at around 28,000 megawatts (MW)—far short of the estimated 50,000 MW needed to meet peak summer demand. The resulting shortfall is already causing grid instability and power outages. Iraq is now evaluating LNG imports from Qatar and Oman, and pipeline gas from Turkmenistan. However, Sullivan cautioned that gas from Turkmenistan would likely need to transit through Iran—a route now politically complicated. 'That doesn't seem feasible at the moment.' While the Iraqi government has expressed a long-term goal of gas self-sufficiency, Sullivan stressed the urgency of acting on multiple fronts. 'With serious investment, it's possible over the long term. But they need to move fast and pursue parallel strategies, including storage development and alternative generation sources,' he noted. (Writing by Nadim Kawach; Editing by Anoop Menon)
