Natural Gas Daily: May 27th, 2020
Global Gas Projects Spend Falls 35%: IEA
Spending on gas projects globally will fall 35% yr/yr to $186bn in 2020 owing to the crisis caused by the Covid-19 pandemic, the International Energy Agency said.
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The Big Picture:
- Lockdowns and falling demand for transport and industrial energy have triggered the largest drop in global energy investment in history, with spending expected to plunge in every major sector this year, the report says.
India's April LNG Imports See a Sharp Drop
After rising by a whopping 68% yr/yr in February and 20% yr/yr in March, India’s LNG imports in April witnessed a steep yr/yr decline owing to the lockdown imposed by the Indian government late-March to control the spread of Covid-19.
The Big Picture:
- A decline in Indian LNG demand is bad news for the already oversupplied global LNG market.
- India, the fourth-largest LNG importer in the world, had been a bright spot as it soaked up large volumes of the commodity.
The Yamal-Europe gas pipeline that normally pumps gas from western Siberia into central Europe halted flows at the Polish-German border on May 26, according to data published by German grid operator Gascade.
The Big Picture:
- The Yamal-Europe line runs for 2,000 km from Russia's Tver region through Belarus and Poland, terminating at the German border, where it connects with other pipelines.
Planned Sale of Oz LNGL Scrapped, New Deal Proposed
The previously-announced sale of Australia’s LNG Limited (LNGL) has been scrapped and a new deal involving only the US assets of the company has been launched, voluntary administrator PwC said May 26.
The Big Picture:
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The business and assets of Bear Head LNG, LNGL’s proposed project in Nova Scotia, is not part of the new transaction.
Poland Books New Capacity at LNG Terminal
Polish state-owned natural gas import monopoly PGNiG will be able to import 8.3bn m³/yr at the country's state-owned LNG terminal in Swinoujscie, it said in a May 22 statement newly published in English.
The Big Picture:
- PGNiG receives a growing number of spot cargoes, also increasing gas volumes imported from the US under long-term contracts. Qatar and Norway are among PGNiG's other foreign suppliers as it reduces imports from Russia.
German Pair Team up to Expand LNG Filling Network
German engineering firms Bilfinger EMS has and Greeen Solutions has signed a framework agreement on expanding the LNG filling station network of Bavaria-based fuel retailer Alternoil, Bilfinger said in a statement.
The Big Picture:
- The aim is to establish a comprehensive filling station network for LNG-fuelled trucks, providing a more environmentally friendly alternative to diesel, Bilfinger said.
