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Asian Purchases of Russian Gas Fall to Lowest Level in Two Years – Bloomberg

  • Japan utilities request alternative supplies from sellers
  • China’s LNG imports from Russia dive to an 11-month low
Asian gas terminal (Bloomberg)
Asian gas terminal (Bloomberg)

Ann Koh, and Stephen Stapczynski, Bloomberg News

NEW YORK/SINGAPORE
EnergiesNet.com 07 20 2023

North Asian liquefied natural gas buyers are accelerating a push to diversify away from Russia, reducing imports from the country to the lowest level in almost two years.

At least two Japanese utilities are asking its suppliers to reduce deliveries from Russian projects, according to people with knowledge of the matter. End-users in South Korea aren’t buying Russian LNG from the spot market, the people added.

Russian deliveries to Asia fell by about 15% last month to roughly the lowest level since August 2021, according to shipping data compiled by Bloomberg.

Asia Slashes Purchases of Russian LNG

Shipments to China fell to an 11-month low in June
Source: Bloomberg shipping data.

Even Chinese importers, which boosted purchases after Russia’s war against Ukraine began last year, are taking fewer deliveries. They are buying the least Russian LNG in almost a year, with June shipments halving from May, according to data compiled by Bloomberg.

The decline comes as overall supply of LNG has increased following last year’s energy crunch. The crisis following the invasion of Ukraine that sent gas prices skyrocketing has prompted countries to diversify supply to ensure energy security.

While there aren’t any international sanctions on Russian LNG, Asian importers are keen to avoid scrutiny from governments and customers, as well as potential future risks to payments or shipping.

bloomberg.com 07 18 2023

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