Natural Gas Daily: August 19th, 2020
Europe Needs Nord Stream 2: Fortum
Europe needs more gas to replace declining gas production at home and Fortum stands behind Uniper's decision to invest in Nord Stream 2, Fortum CEO Markus Rauramo told analysts on a conference call dedicated to the second-quarter results. The German company became a subsidiary of Fortum at the end of March; previously it had been an associated company.
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Uniper's CEO Andreas Schierenbeck had told analysts August 11 that the company's loan to Gazprom to build the line, which was one of five equal loans from European energy firms to Russian monopoly Gazprom, might have to be impaired if the line were not completed.
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The US has threatened further sanctions on entitiesinvolved in the line, including the logistics port of Mukran in Germany.
Japan's LNG Imports in July Down 11.5%
Japan’s LNG imports in July were 6.03mn metric tons, down 11.5% yr/yr, according to the provisional data released by the country’s finance ministry.
- The shipments were, however, up on June when the country imported 5.26mt of LNG.
- Despite the declining trend in imports in recent months owing to the coronavirus outbreak, Japan remains the world's biggest LNG importer.
Qatar Petroleum Enters Angolan Offshore
Qatar Petroleum has entered into a farm-in agreement with Angolan state-run Sonangol and Total to acquire a 30% participating interest in Block 48, located in the ultra-deep waters offshore Angola, it said on August 18.
- This is Qatar Petroleum's first entry into the west African country's oil and gas sector.
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While the global gas market reels from oversupply, Qatar is pushing ahead, if a little less vigorously than before, with a plan to bring an extra 49mn mt/yr of output on stream by the late 2020s.
Oz Ships First LNG Cargo to Chile
Australia's first shipment of LNG to Chile last month shows how over-supplied the Asian gas market is, energy consultancy EnergyQuest said in a report.
- The cargo was from the Shell-operated QCLNG project at Gladstone in Queensland.
- The export of LNG to Chile was revealed earlier this month by Gladstone Ports Corporation which said that Australia had exported 72,047 metric tons of LNG to Chile last month.
