Greece has corrected Gazprom's exports to Europe

For 10 months of this year, Gazprom has increased gas supplies to Europe by 15% compared to 2023. The company's customers have increased their applications this year to 26.5 billion cubic meters. Half of the growth was accounted for by Greece, which reduced LNG purchases, but increased imports of Gazprom's pipeline fuel by more than two times.

In January-October, Gazprom's exports to Europe amounted to 26.5 billion cubic meters — 15% more than in 10 months of 2023. In October, according to ENTSOG, the company delivered the maximum volumes since August 2023 — 2.84 billion cubic meters. Gazprom also continues to sell LNG to Europe from the Portovaya Baltic complex. The Cool Rover tanker operates smoothly on the line with terminals in Spain.

After the SMO began, due to sanctions, counter-sanctions and sabotage, Gazprom had only two gas supply routes to Europe — through Ukraine and Turkey. The main increase occurred on the European line of the Turkish Stream. In addition, about 2.8 billion cubic meters of the total growth of 3.3 billion cubic meters were submitted this year.

Starting from 2022, pipeline gas supplies from Russia's exports to Europe have declined by about five times and the current recovery is small. However, it demonstrates that Gazprom's fuel continues to be one of the most competitive in the region. Experts noted to EADaily that additional customer requests for long-term contracts may be associated with more attractive prices.

So, if Gazprom has increased exports, then total LNG supplies to Europe have decreased by more than 17 billion cubic meters in ten months — to 89.9 billion cubic meters, according to GIE.

On the one hand, prices in Asia were more attractive for LNG suppliers this year, and consumption in Europe itself was declining against the background of lower injection due to high storage balances after winter. During the season, the UGS reserves of the EU countries increased by 40.6 billion cubic meters, to 104 billion cubic meters. Whereas a year ago they grew by 48.1 billion cubic meters.

On the other hand, in conditions of still high prices, in the region of $ 400 per thousand cubic meters, Russian pipeline gas turned out to be more attractive for those who continue to receive it.

The example of Greece is illustrative, where the second LNG terminal, in Alexandroupolis, was recently publicly launched commercially and again promised to abandon Russian gas. In January-October, the country's companies increased imports of Russian pipeline gas to Greece by 2.7 times. According to ENTSOG, deliveries increased from 1 billion cubic meters to 2.7 billion cubic meters. At the same time, LNG imports almost doubled, according to GIE, from 2.48 billion cubic meters to 1.27 billion cubic meters. The main Greek terminal "Revitussa" was used this year only at 19% capacity.

"This indicates the high competitiveness and demand for Russian gas on the European market, artificially and even criminally limited by the enemies of Russia and Europe," said Alexey Grivach, Deputy director of the National Energy Security Fund (NWF).