June 15, 2024
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Greece: Demand for LNG descend

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Gas importers based in Greece and beyond have cancelled many slot reservations they had made at Greek gas network operator DESFA’s LNG terminal on the islet Revythoussa, just off Athens, a facility that was in high demand until not too long ago, as reflected by slot prices 300 to 400 percent above normal levels.

Demand for these LNG slots has slumped as a result of lower gas demand and the market reentry of Russian pipeline gas, via the Turkstream pipeline reaching Greece, a preferable option for gas importers as it costs between 1 and 1.5 euros per MWh less compared to LNG. The EU has not indicated it could impose sanctions.

Not a single LNG tanker docked at DESFA’s Revythoussa facility in April. Just two LNG shipments, instead of three originally planned, arrived at the terminal in May, while two instead of three cargoes are now also expected in June.

Specific data for July and further ahead is not yet available, but the rate of cancellations is expected to continue, importers using the Revythoussa LNG terminal have estimated.

The fallen interest for Revythoussa slots is made clearer in terms of volume. LNG shipments arriving in May brought in 153,618 cubic meters, 48 percent less than the originally scheduled quantity of 295,420 cubic meters.

This month’s LNG shipments at the facility have been revised to 178,286 cubic meters from 369,275 cubic meters, a 52 percent reduction, suggesting drops could be getting steeper, energypress.eu reports.

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