11/29 Closing prices / revised 11/30/2023  08:05 GMT 11/29    OPEC Basket    83.89 +0.49 | 11/29    Mezcla Mexicana de Exportación   Mexico Basket (MME)   $74.39  +1.37  | 10/31     Venezuela Basket (Merey)  $72.54  – 3.00  (Source: Economia Hoy)  | 11/29    NYMEX WTI Texas Intermediate January CLF24   $77.86 +1.45    | 11/29    ICE Brent January  BRNF24   $83.10   +1.42  | 11/29    NYMEX Gasoline December  RBZ23    $2.28   +2.4% | 11/29     NYMEX  Heating Oil  December HOZ23   $2.89  -0.6% | 11/29     Natural Gas January NGF24    $2.80 -1.2%  | 11/22    Active U.S. Rig Count (Oil & Gas)    622     +4    | 11/30     USD/MXN Mexican Peso  17.2702 (data live  | 11/30   EUR/USD    1.0954  (data live)  | 11/30    US/Bs. (Bolivar)   $35.49390000  ( data BCV)    |      

Argentina Rejects Russia-Sourced LNG Cargo, Citing Sanctions – Bloomberg

  • Sanctions cited for turning away cargo for state energy firm
  • Shipper says cargo was valid because no sanctions are in place
Flex Artemis moves away from Argentina’s Bahia Blanca terminal after government rejects the Russia-sourced cargo
Flex Artemis moves away from Argentina’s Bahia Blanca terminal after government rejects the Russia-sourced cargo

Ruth Liao, Jonathan Gilbert, and Anna Shiryaevskaya, bloomberg News

EnergiesNet.com 07 20 2023

Argentina’s state-run energy company refused to accept a cargo of liquefied Russian natural gas it had agreed to buy, forcing the tanker back out to sea.

The nation’s economy minister, Sergio Massa, told local TV station C5N Tuesday night that officials blocked delivery of the fuel because of sanctions. Yet Argentina, which faces the possibility of a glut of natural gas due to an usually warm winter, does not have sanctions against Russia.

“Enarsa blocked the delivery because it violates the contract because it’s a sanctioned company,” Massa said in the interview without naming any company. He could not immediately be reached to clarify what he meant.

Gunvor Group Ltd., the trading house that made the delivery, said the shipment of LNG was lawful and transparent. “The transaction complies with all applicable economic sanctions, specifically those of the United States and the European Union,” Gunvor said in a statement. “Argentina has not adopted any sanctions against Russia.”

Argentina's Economy Minister Sergio Massa
Argentina’s Economy Minister Sergio Massa (Marco Bello/Bloomberg)

The invasion of Ukraine in early 2022 by Russia created a crunch for Europe to reduce its reliance on Russian supply and seek replacement gas via LNG. While no sanctions have been imposed on Russian LNG, some European nations — such as the UK and the Baltics — banned the nation’s super-chilled fuel while others urged not to renew supply contracts. Some Asian buyers also appear to be diversifying.

Read More: Asian Purchases of Russian Gas Fall to Lowest Level in Two Years

According to Bloomberg ship-tracking data, the vessel Flex Artemis initially loaded volumes at France’s Montoir-de-Bretagne terminal on June 25, lifting gas that originated from Novatek PJSC-led Yamal LNG in Russia.

The vessel then departed toward Argentina’s LNG terminal in Bahia Blanca, approaching it on July 14 before turning around Tuesday without delivering the volumes.

Argentina has purchased 44 spot cargoes to cover its southern hemisphere winter demand this year, but mild winter conditions signal the country could face low demand for heat.

Read More: Key LNG Buyer Argentina Faces Possible Glut Amid Warmer Winter

Cargoes delivered so far this year were supplied from Equatorial Guinea, Nigeria, the United States and Trinidad and Tobago, according to data compiled by Bloomberg. Russian-sourced cargoes were last delivered to Argentina in 2018 and 2020.

— With Patrick Gillespie

bloomberg.com 07 19 2023

Share this news

Support EnergiesNet.com

By Elio Ohep · Launched in 1999 under Petroleumworld.com

Information & News on Latin America’s Energy, Oil, Gas, Renewables, Climate, Technology, Politics and Social issues

Contact : editor@petroleuworld.com

CopyRight©1999-2021, EnergiesNet.com™  / Elio Ohep – All rights reserved

This site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a ‘fair use’ of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond ‘fair use’, you must obtain permission fromPetroleumworld or the copyright owner of the material.

Scroll to Top