• 6 minutes Can the World Survive without Saudi Oil?
  • 10 minutes Saudis Threaten Retaliation If Sanctions are Imposed
  • 15 minutes Closing the circle around Saudi Arabia: Where did Khashoggi disappear?
  • 2 hours U.N. About Climate Change: World Must Take 'Unprecedented' Steps To Avert Worst Effects
  • 5 hours Saudis Pull Hyperloop Funding As Branson Temporarily Cuts Ties With The Kingdom
  • 1 hour WTI @ $75.75, headed for $64 - 67
  • 12 hours Judge Approves SEC Settlement With Tesla, Musk
  • 7 hours How High Can Oil Prices Rise? (Part 2 of my previous thread)
  • 7 hours UN Report Suggests USD $240 Per Gallon Gasoline Tax to Fight Global Warming
  • 10 hours EU to Splash Billions on Battery Factories
  • 7 hours China Thirsty for Canadian Crude
  • 9 hours Iranian Sanctions - What Are The Facts?
  • 12 hours Gold price on a rise...
  • 12 hours Porsche Says That it ‘Enters the Electric Era With The New Taycan’
  • 8 hours Two Koreas: U.N. Command Wrap Up First Talks On Disarming Border
  • 7 hours Shell, partners approve huge $31 billion LNG Canada project. How long till Canadian Federal government Environmentalates it into the ground?
Why Crypto Miners Are Paying Attention To The Permian

Why Crypto Miners Are Paying Attention To The Permian

The Permian is literally burning…

OPEC Turns On The Taps To Counter Iranian Outages

OPEC Turns On The Taps To Counter Iranian Outages

OPEC reported a collapse in…

After Poland, Lithuania Becomes U.S. LNG Buyer

Gas

Seeking to diversify its gas imports away from Russia’s giant Gazprom, Lithuania’s state-held gas trader Lietuvos Duju Tiekimas said on Monday that it had signed a deal with Cheniere Marketing International to buy LNG directly from the U.S., adding to the growing list of customers of America’s LNG cargoes.

The Lithuanian company expects to receive the first LNG cargo delivery in the second half of August.

It will be the first time Lithuania imports gas from the U.S. We opted for delivery from Cheniere after evaluating several offers for LNG,” a spokesman for Lietuvos Duju Tiekimas told Reuters.

Since Cheniere sent America’s first LNG cargo abroad in early 2016, U.S. gas exports have reached buyers in Latin America, Europe, Asia, and even the Middle East. Since February 2016, U.S. LNG cargoes have been delivered to 20 countries, including to China, Japan, South Korea, and India. Middle Eastern buyers were Egypt, Jordan, Kuwait, and the UAE. Earlier this month, cargoes from Sabine Pass called at Rotterdam for its first Northwest Europe destination, and to Poland—a first delivery to a country in Central and Eastern Europe, where Russia’s Gazprom reigns supreme.

According to the EIA, the U.S. is expected to become a net exporter of natural gas on an average annual basis by 2018, thanks to declining pipeline imports, growing pipeline exports, and increasing LNG exports. The growth of natural gas exports, especially from new LNG terminals, would lead to growth in U.S. natural gas production through 2020 at about the same rate, 3.6 percent annual average, as it has grown since 2005, the EIA reckons.

Lithuania, for its part, is trying to reduce reliance on Gazprom, breaking its monopoly in 2014 by opening an LNG terminal at the Klaipeda port as part of its efforts to increase energy security and competition.

Related: Oil Prices Inch Higher As Saudi Crude Oil Loadings Drop

Last month, Lithuania urged the European Commission to impose stronger obligations and conditions on Gazprom in its antitrust settlement with the Russian giant.

If the European Commission does not take our proposed stronger obligations into account, we see no other way to proceed than for European Commission to issue Gazprom with a fine,” Lithuanian Energy Minister Zygimantas Vaiciunas told Reuters in a statement via email.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment
  • Naomi on June 27 2017 said:
    A limiting factor is how fast LNG tankers can be built. Once built they are sunk cost like a pipeline but more flexible.

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News