NewBase 04 March 2024 Energy News issue - 1704 by Khaled Al Awadi_compressed (1).pdf

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NewBase Energy News 02 March 2024 No. 1704 Senior Editor Eng. Khaled Al Awadi
NewBase for discussion or further details on the news below you may contact us on +971504822502, Dubai, UAE
UAE: Barakah / Fourth And Final Reactor Starts Up At UAE
Nuclear Power Station
NewBase + NucNet
Unit 4 of the Barakah nuclear power station in the United Arab Emirates has been started up and
will be prepared for connection to the national electricity grid “in the coming weeks”, Emirates
Nuclear Energy Corporation.
Enec, which is responsible for the deployment and ownership of nuclear energy plants in the UAE,
said the startup marks the plant’s initial production of heat through nuclear fission.
The Barakah nuclear power station has four nuclear plants supplied by South Korea. Courtesy Enec.
Once the testing is complete and commercial operations begin, Unit 4 will raise Barakah’s total
electricity generation capacity to 5,600 MW, equivalent to 25% of the UAE’s electricity needs,
delivering more than 40 TWh of electricity per year.
The three commercially operating Units at Barakah – the first commercial nuclear facility in the Arab
world – are already generating more than 30 TWh of electricity. Barakah-4 is the fourth South Korea-
supplied APR1400 at the Barakah station, on the Arabian Gulf coast west of the city of Abu Dhabi.
Commercial operation began at Barakah-3 in February 2023. Barakah-1 began commercial
operation in April 2021 and Barakah-2 in March 2022.
ww.linkedin.com/in/khaled-al-awadi-80201019/
South Korea-supplied unit will undergo testing before commercial
operation . Unit 4 will raise Barakah’s total electricity generation
capacity to 5,600 MW, equivalent to 25% of the UAE’s electricity
needs, delivering more than 40 TWh of electricity per year.

Enec said: “Each Unit has been started up more efficiently than the previous unit, as institutional
knowledge and experience are applied to each subsequent unit. Unit 3 was delivered four months
faster than the Unit 2 schedule, and five months faster than the Unit 1 schedule, demonstrating the
significant benefit of building multiple units within a phased timeline.”
The Barakah-4 nuclear power plant in the United Arab Emirates. Courtesy Enec.
Ahead of schedule
ENEC has delivered the four units of the Barakah Plant within an accelerated delivery timeline.
Barakah is the first multiunit operational nuclear plant in the Arab world, with the operational teams
starting up a unit every year since 2020. The Barakah Plant uses four APR-1400 pressurised water
reactors capable of each producing up to 1,400 megawatts of clean electricity.
Each Unit has been started up more efficiently than the previous unit, as institutional knowledge
and experience are applied to each subsequent unit. Unit 3 was delivered four months faster than
the Unit 2 schedule, and five months faster than the Unit 1 schedule, demonstrating the significant
benefit of building multiple units within a phased timeline.
Mohamed Al Hammadi, Managing Director and CEO of ENEC, said: “The start-up of the fourth unit
of the Barakah Nuclear Energy Plant is a significant achievement as we now enter into a new era
to deliver the full promise of the Barakah Plant. In the past five years, the UAE has added more
clean electricity per capita than any other nation globally, with 75 per cent coming solely from the
Barakah Plant, demonstrating how pivotal nuclear energy is in decarbonising the country’s power
sector.”

UAE’s ADNOC is recognized as top investor in low-carbon solutions
Zawya + NewBase
A respected industry report by Energy Intelligence has recognised ADNOC as the top National Oil
Company (NOC) investor in low-carbon solutions and the 5th largest in the global industry in 2023.
The report, titled ‘Low-Carbon Investment Tracker: Corporate Spending Shift’, covers announced
low-carbon investments of 34 leading international oil companies (IOCs) and NOCs. It also noted
that ADNOC embarked on the newest low-carbon initiatives in 2023 by any IOC or NOC, as the
company supports the delivery of a just, orderly and equitable energy transition.
These low-carbon initiatives include two major carbon capture projects, taking ADNOC’s committed
investment for carbon capture capacity to almost 4 million tonnes per annum (mtpa). It also includes
ADNOC’s investments through Masdar, targeting 100 gigawatts (GW) of renewable energy capacity
by 2030.
Energy Intelligence noted the changing geography of investments including offshore wind projects
in the UK and Poland and growing investments in Central Asia as well as the Caucasus region.
In January, ADNOC’s Board of Directors increased the company’s allocation for decarbonisation
projects, technologies, and lower-carbon solutions to $23 billion (AED84.4 billion). The company is
targeting net zero by 2045 and has stated its ambition to double its CCS capacity target to 10 mtpa
by 2030, which is the equivalent of removing over 2 million gasoline-powered cars from public
highways.
ADNOC is also using clean energy to provide 100 percent of its onshore grid electricity needs since
the start of 2022 and connecting its offshore operations to the grid through a $3.8 billion (AED14
billion) project that, upon completion, can reduce its offshore carbon footprint by up to 50 percent.
The report includes low-carbon investments across five categories – Low-Carbon Power
Generation, Electricity Solutions, Hydrogen and Low-Carbon Fuels, Electric Vehicle (EV) and
Mobility, and Carbon Capture Storage (CCS) and carbon removal. It is based on a proprietary, data-
driven analysis of fast-growing green spending plans by Energy Intelligence, a leading energy
information company.
Strategic program is a key enabler of ADNOC’s Net
Zero by 2050 ambition and goal to reduce carbon
intensity by 25% by 2030

Venezuela's February oil exports rise, but shipping delays persist
Reuters + NewBase
Venezuela's oil exports slightly increased in February to some 670,000 barrels per day (bpd),
but ongoing shipping delays worsened a bottleneck of tankers waiting to load, according to
documents and vessel monitoring data.
State-run oil firm PDVSA's customers have rushed to send tankers to Venezuela in recent months
to pick up crude and fuel before the United States potentially reimposes oil sanctions.
Restrictions could resume on April 18 when an existing license expires, the U.S. has said, with
PDVSA struggling to deliver cargoes ahead of the deadline.
Deliveries last month to clients including U.S.-based Chevron (CVX.N), opens new tab and India's
Reliance Industries (RELI.NS), opens new tab increased from January, but weaker output and a
lack of diluents to produce exportable grades prevented PDVSA from raising total exports, the data
showed.
PDVSA and its joint ventures exported an average 671,140 bpd of crude and fuel, mainly to Asia, a
7.5% increase from January. Venezuela also shipped 197,000 metric tons of oil byproducts and
petrochemicals, below the 286,000 tons in January.
Chevron's shipments of Venezuelan crude to the U.S. jumped to 184,000 bpd from 107,000 bpd the
previous month. Venezuela's shipments to political ally Cuba remained around 34,000 bpd, while
deliveries to other Caribbean islands slightly increased.
Insufficient inventories of flagship Merey 16 crude and a lack of imported diluents at Venezuela's
main oil port, Jose, prevented PDVSA from further boosting exports to fulfill spot supply deals,
internal company documents showed.

Some large tankers bound for Asia have left Venezuelan ports without loading in recent days after
waiting for weeks, according to LSEG vessel monitoring data.
The Jose terminal has recovered from power outages and slow oil blending that affected loadings
in January, the documents showed. Four out of five crude upgraders and blending stations were in
service last month, which could lead to higher exports in March.
As of Feb. 29, at least 18 supertankers were waiting to load near Venezuela's Jose and Amuay
ports, which handle most of PDVSA's exports, up from about a dozen at the end of November,
according to the data.
Venezuela's fuel imports rose to 144,000 bpd from 122,000 bpd in January.
Last October, Washington issued a six-month general licence for transactions involving Venezuela’s
oil and gas sector following an electoral roadmap agreement signed by Venezuelan president
Nicolas Maduro and opposition politicians in Barbados. Since then, Maduro has not stuck to his
promises for a free election.
Since the exemption was granted, the US has been importing 26% of Venezuelan crude, totalling
142,000 barrels per day, according to Vortexa. China remains the top destination for Venezuelan
barrels, averaging 293,000 barrels per day in 2023.
“Oil exports have picked up in Venezuela over the last two years as the US has eased sanctions
since the start of 2023,” analysts at Braemar noted.
“These developments show the potential fragility of oil sanctions relief deals as well as ongoing US
commitment to upholding the other end of the deal in such a case,” tanker experts at rival broker
Gibson suggested.

Saudi Aramco acquires Chilean downstream fuels retailer Esmax
TradeArabia News Service
Aramco, one of the world’s leading integrated energy and chemicals companies, has successfully
completed the acquisition of a 100% equity stake in Esmax Distribución SpA (Esmax), a leading
diversified downstream fuels and lubricants retailer in Chile.
Esmax has a national presence that includes retail fuel stations, airport operations, fuel distribution
terminals and a lubricant blending plant.
Saudi oil giant said the transaction, which was first announced in September last year, marks it first
downstream retail investment in South America, thus illustrating the attractiveness of the market.
It also supports the company’s strategic goal to
strengthen its downstream value chain.
On the strategic move, Executive Vice President
(Products & Customers) Yasser Mufti said: "We are
delighted to conclude the acquisition of Esmax and look
forward to working with the outstanding team on the
ground in Chile to achieve our shared ambitions."
"Aramco aims to be a primary global retail player and this
deal combines our high quality products and services, including Valvoline lubricants, with the
experience and quality of an established operator in Chile," he added.-

Indonesia and SA eye coal exports to India amid geopolitical shifts
Reuters + NewBase
With a decline in Europe's appetite for coal, miners in both countries are now vying for a greater
share of the steady Indian coal imports market
Top coal exporters Indonesia and South Africa are aiming to ramp up supplies of thermal coal to
key buyer India, company executives said, as they look to regain market share in the world's second
largest import market for the fuel.
Indonesia and South Africa are top suppliers of thermal coal to India but have lost market share in
recent years to the United States, Russia and Australia due to major changes in trade routes over
geopolitical concerns.
With a decline in Europe's appetite for coal, miners in both countries are now vying for a greater
share of the steady Indian coal imports market.
"We see our low sulphur, high calorific value coal as a big advantage to supply to the Indian market.
India's steel production expected to do well and it's good for South Africa," Kgabi Masia, chief coal
operations officer at Exxaro Resources said at the Coaltrans India conference.
South Africa boosted supplies of the power generation fuel to Europe at India's expense after
Russia's war on Ukraine to take advantage of higher prices being offered, while Indonesia lost some
share to Australia as it boosted supplies to China.
"For the year ending March 2025, we will supply 60MT out of South Africa, which means we will be
able to supply more to India," Masia said.
Falling exports not just limited to Transnet crisis
South Africa's share in Indian thermal coal imports fell to 16% in 2023 from an average of about
22% in the three years before the pandemic, while Indonesia's share fell to 58% in 2023 from 65%
in 2022.
Indonesia is expected to supply as much as 110MT to India in 2023, Ardian Rosadi Budiman, senior
manager of international marketing at Adaro Energy said, nearly 7% higher than the 103MT it
supplied in 2023.
The world's largest exporter of the power generation fuel is targeting record output of 710MT this
year. "Despite additional domestic demand, we still expect Indian demand for Indonesian coal to
be strong," Budiman told the conference.

India investing in improving the rail system to transport coal
Clyde Russell, Reuters News
India's coal sector is united about one thing. It doesn't matter if you are a miner, trader, utility or
steelmaker, you are bullish, extremely bullish.
The overarching theme at this week annual Coaltrans India conference in the western state of Goa
is that coal production, imports and demand are all going to rise in coming years, and by substantial
volumes.
India may have committed to eventually starting to phase down consumption of the polluting fuel on
its road to net-zero emissions by a targeted 2070, but for the coming decade the coal industry sees
a ramp up.
Even the most cautious of forecasts at the conference saw demand for all grades of coal reaching
1.5 billion metric tons by 2030, with some reaching as high as 1.9 billion.
To put that in context, India's coal demand was 1.23 billion tons, composed of domestic production
of 964 million tons and imports of around 266 million.
Put another way, even the more pessimistic of forecasts expects an increase of nearly 300 million
tons of coal demand in India in the next six years, an increase of 25%.
To put the scale of the increase in context, 300 million tons is more than the total annual demand
of Germany, the fourth-biggest coal-consuming nation after China, India and the United States.
The optimism over coal's future in India's energy mix is largely built on a shift in the thinking of the
government of Prime Minister Narendra Modi to prioritise energy security and domestic resources
over reducing carbon emissions to mitigate climate change.
The thinking is that India has massive reserves of coal, which it can mine relatively cheaply, and if
it continues to invest in infrastructure, it can move the coal from where it is produced to where it will
be burnt in power plants and factories.

The more the world's most-populous nation can use domestic energy, the less it has to pay for
expensive imports in the form of crude oil and liquefied natural gas.
Although crude oil and its refined products don't compete with coal in power generation, they may
increasingly in the future as the shift to electric vehicles gathers pace.
India's industrial users of coal, such as cement and ceramics, are also being encouraged to look at
using gas produced from coal to power their plants, rather than imported coking coal, met coke and
LNG.
NOT ENOUGH RENEWABLES
Another factor worth noting about the bullish view of India's coal sector is that they believe in the
strong growth scenario even though the South Asian nation is ramping up the deployment of
renewable energies such as wind, solar, battery storage and pumped hydropower.
India is likely to exceed its target for 500 gigawatts (GW)of renewable energy capacity by 2030, but
the demand for electricity is likely to outpace the capacity additions.
This means India will continue to increase its fossil fuel generation, and lion's share of this will be
coal, with 85 GW of new plants already under construction and likely to come online by 2030, which
would boost coal-fired capacity by just over one-third from the current 237 GW.
Steelmakers are also poised to increase demand for coal, the key raw material used to turn iron ore
into crude steel. India produced about 140 million tons of steel in 2023, and the government is
targeting that to rise to 300 million by 2030.
That figure is likely optimistic, but it's possible that the country can produce more than 200 million
tons in that time frame, according to several steel makers present at the Coaltrans event. India's
steel and sponge iron sectors imported about 93 million tons of coal in 2023, and consultants
iEnergy Natural Resources estimate this will rise to 135 million by 2030.
If there was any disagreement on the outlook for India's coal sector at the conference, it was the
likely future mix of domestic production and imports.
India doesn't produce significant volumes of coking coal, so any increase in steel production is likely
to rise in higher imports of coking coal and met coke, a beneficiated product made mainly from
coking coal, but can contain some lesser quality grades.
The main debate is whether a combination of state-controlled behemoth Coal India and newly-
operating private coal mines will be able to raise output enough to displace imported thermal coal
for the power sector. India is investing heavily in improving the rail system to transport coal, but it's
still likely that coastal power plants in the south and west of the sub-continent will rely on imported
fuel for years to come.

NewBase March 04 -2024 Khaled Al Awadi
NewBase for discussion or further details on the news below you may contact us on +971504822502, Dubai, UAE
Oil rises after OPEC+ extends output cuts
Reuters + NewBase
Oil prices rose on Monday after OPEC+ members agreed to extend voluntary oil output cuts of 2.2
million barrels per day into the second quarter, largely in line with market expectations.
Brent futures was 14 cents, or 0.14% higher, at $83.69 a barrel at 0534 GMT, while the U.S. West
Texas Intermediate (WTI) rose 3 cents, or 0.023%, to $80.00 a barrel.
The output cuts by the Organization of the Petroleum Exporting Countries and its allies (OPEC+)
are expected to cushion the market amid global economic concerns and rising output outside the
group, with Russia's announcement surprising some analysts.
Russia will cut its oil output and exports by an additional 471,000 barrels per day (bpd) in the second
quarter, in coordination with some OPEC+ participating countries, its Deputy Prime Minister
Alexander Novak said on Sunday.
"Signs of tightness in the physical market continue to push crude oil higher. Output cuts by the
OPEC+ alliance continue to reduce supply as the market worries about the renewed tensions in the
Middle East," ANZ analysts said in a note on Monday.
Oil price special
coverage

Rising geopolitical tensions due to the Israel-Hamas conflict and Houthi attacks on Red Sea
shipping have supported oil prices in 2024, although concern about economic growth has weighed.
Yemen's Iran-backed Houthis vowed on Sunday to continue targeting British ships in the Gulf of
Aden following the sinking of UK-owned vessel Rubymar.
In some of the strongest comments by a senior U.S. leader, U.S. Vice President Kamala Harris on
Sunday demanded Palestinian militant group Hamas agree to an immediate six-week ceasefire
while forcefully urging Israel to do more to boost aid deliveries into Gaza.
Washington has insisted the ceasefire deal is close and has been pushing to put in place a truce by
the start of Ramadan, a week away. A U.S. official on Saturday said Israel has agreed on a
framework deal.
Heavyweights Saudi Arabia and Russia, alongside several other key OPEC+ producers, will extend
their voluntary crude supply cuts until the end of the second quarter.
OPEC+ refers to the coalition of the Organization for the Petroleum Exporting Countries and its
allies, steered by Riyadh and Moscow.
Saudi Arabia will stretch out its voluntary crude production cut of 1 million barrels per day until the
end of the second quarter, the state-owned Saudi Press Agency said Sunday, citing an official
source from the country’s Ministry of Energy.
KSA’s crude production will be approximately 9 million barrels per day until the end of June, the
announcement said.
Russia will trim its production and export supplies by a combined 471,000 barrels per day until the
end of June, Russian Deputy Prime Minister Alexander Novak said, according to a Google-
translated report carried by Russian state-owned agency Tass. Moscow had volunteered to reduce
its supplies by a slightly higher 500,000 barrels per day in the first quarter.
OPEC key producers Iraq and UAE will also prolong their voluntary production cuts of 220,000
barrels per day and 163,000 barrels per day, respectively, until the end of the second quarter,
according to Google-translated updates from their state-owned news agencies INA and WAM.
Back in November, OPEC+ countries had held a formal policy of collectively reducing their output
by 2 million barrels per day until the end of 2024. Separate from the group’s official strategy, several
OPEC+ producers, including heavyweights Saudi Arabia and Russia, announced they would
voluntarily trim their supplies by a total of 2.2 million barrels per day until the end of this year’s first
quarter.
The latest production cut announcement comes against a background of a languishing oil price that
has largely spasmed in a narrow $75 to $85 per barrel interval since the start of the year, despite
OPEC+ supply cuts, persistent Houthi maritime attacks in the crucial Red Sea route and ongoing
spill-over risk from Israel’s war against the Iran-backed Palestinian militant group Hamas in the
Gaza Strip. Offsetting some of this price support in the short term is lower demand amid imminent
seasonal refinery maintenance in the world’s top crude importer, China, which typically exacerbates
in the second quarter.
Unlike formal policy changes, voluntary cuts do not require the group’s unanimous consent during
an official meeting and bypass the need to distribute production cuts or increases among OPEC+
members. Typically, extracurricular output adjustments are not disputed by OPEC+ countries, as
long as they align with the spirit of existing policy — currently, the supplementary cuts build on
existing OPEC+ trims.

The group’s next policy negotiations take place in June, by which point independent, third-party data
providers will have finalized their assessments of group members’ production capacity baselines —
the levels to which each country’s quota is assigned. Heavily coveted, a higher baseline leads to a
higher output limit, allowing producers to cash in on firmer revenues in a lofty price environment.
In a shock move, OPEC kingpin Saudi-controlled oil giant Aramco in late January announced it
was suspending its long-standing plans to increase its crude production capacity from 12 million
barrels per day to 13 million barrels per day by 2027, with Saudi Energy Minister Prince Abdulaziz
bin Salman later pinning the decision on the green transition.
U.S. crude touches $80 for first time since November before OPEC+ decision
U.S. crude oil futures touched $80 a barrel for the first time in nearly four months, as signs point to
a tightening market ahead of an OPEC+ decision on production cuts.
The West Texas Intermediate contract for April gained 2.19%, or $1.71, to settle at $79.97 a barrel
on Friday, marking the highest close for U.S. crude since Nov. 6. May Brent futures added 2.09%,
or $1.71, to $83.94 a barrel.
U.S. crude and the global benchmark booked a second consecutive monthly gain in February as
near-month contracts traded at a premium to later months, typically a sign of a tightening oil market.
On the supply side, a Reuters survey showed the Organization of the Petroleum Exporting
Countries (OPEC) pumped 26.42 million barrels per day (bpd) on Feb-2024, up 90,000
bpd from January 2024. Libyan output rose month-on-month by 150,000 bpd.

OPEC+ is considering rolling over its production cuts through the second quarter and possibly the
end of the year, three sources in the organization told Reuters this week. The cartel and its allies
are expected to make a decision on the reductions in the first week of March, sources told Reuters.
OPEC’s next formal Joint Ministerial Monitoring Committee meeting is scheduled for April 3.
Brent crude futures could break out to the $95 per barrel range in the second quarter as bulls have
become more aggressive in buying at ever-higher lows, Paul Ciana, a technical strategist at Bank
of America, told clients in a note Thursday.
A breakout through a resistance level near $85 per barrel for Brent would confirm a change to the
upside, but the global benchmark will have to hold a support level of roughly $80 a barrel in March,
Ciana said. If Brent falls below that level, the benchmark could drop all the way to the bottom of its
range at $73-$75 a barrel, he said.
On the geopolitical front, cease-fire negotiations in the Israel-Hamas war are in jeopardy after scores
of Palestinians were killed in Gaza City while waiting for humanitarian aid.
“I am rejecting the international pressure to end the war before we achieve all of its goals,” Israel
Prime Minister Benjamin Netanyahu said at news conference Thursday.

An oil refinery, near Shubaytah, Saudi Arabia. Photographer: Patrick Hertzog/AFP/Getty Images
 Saudi Arabia, de facto leader of the Organization for the Petroleum Exporting
Countries, will extend its voluntary crude production cut of 1 million barrels per day
until the end of the second quarter, the state-owned Saudi Press Agency said Sunday,
citing a source from the country’s Ministry of Energy.
 Riyadh’s crude production will be approximately 9 million barrels per day until the end
of June, the announcement said.
 Russia will trim its production and export supplies by a combined 471,000 barrels per
day until the end of June, Russian Deputy Prime Minister Alexander Novak said

NewBase Specual Coverage
The Energy world –March 04 -2024
CLEAN ENERGY
U.S the largest liquefied natural gas supplier to Europe in 2023
IEA
The United States was again the largest supplier of liquefied natural gas (LNG) to Europe (EU-27
and the UK) in 2023, accounting for nearly half of total LNG imports, according to data from
CEDIGAZ.
Last year marks the third consecutive year in which the United States supplied more LNG to Europe
than any other country: 27%, or 2.4 billion cubic feet per day (Bcf/d), of total European LNG imports
in 2021; 44% (6.5 Bcf/d) in 2022; and 48% (7.1 Bcf/d) in 2023.
Qatar and Russia remained the second- and third-largest LNG suppliers to Europe last year. Qatar
supplied 14% (2.0 Bcf/d), and Russia supplied 13% (1.8 Bcf/d). Combined, the United States, Qatar,
and Russia supplied three-quarters of Europe’s LNG imports in 2022 and 2023.
Europe’s LNG import, or regasification, capacity is on track to expand to 29.3 Bcf/d in 2024, an
increase of more than one-third compared with 2021, according to data from the International Group
of Liquefied Natural Gas Importers (GIIGNL) and trade press.

Data source: CEDIGAZ and the International Group of Liquefied Natural Gas Importers (GIIGNL)
Note: Other includes Angola, Argentina, Australia, Cameroon, Egypt, Equatorial Guinea, Indonesia,
Libya, Mozambique, Norway, Oman, Papua New Guinea, Peru, Trinidad and Tobago, United Arab
Emirates, and Yemen. LNG=liquefied natural gas
Russia's full-scale invasion of Ukraine in February 2022 prompted European countries to halt most
imports of natural gas from Russia via pipeline and reactivate development of previously dormant
regasification projects as well as develop new projects. Germany is adding the most LNG
regasification capacity in Europe: developers added 1.8 Bcf/d in 2023 and plan to add 1.6 Bcf/d in
2024.
In 2022 and 2023, the Netherlands, Spain, Italy, Finland, and France increased their regasification
capacity by a combined 3.2 Bcf/d. In 2024, we expect Belgium, Greece, Poland, the Netherlands,
and Cyprus to add a combined 1.8 Bcf/d of new capacity.
In 2023, Europe’s LNG imports averaged 14.7 Bcf/d, essentially unchanged from 2022, despite an
estimated 4.2 Bcf/d of regasification capacity additions. Mild 2022–23 winter weather in the Northern
Hemisphere reduced heating demand and contributed to Europe ending the winter heating season
with record-high natural gas in storage.
LNG imports into Europe established new records from June 2022 through April 2023, when imports
peaked at 18.1 Bcf/d. Imports then declined in subsequent months because storage inventories
were full, international LNG prices were relatively high, and energy conservation measures
significantly reduced natural gas consumption.

Data source: CEDIGAZ ,,, Note: LNG=liquefied natural gas
In 2023, France, Spain, the Netherlands, and the UK combined accounted for almost two-thirds (9.3
Bcf/d) of Europe’s total LNG imports. Germany imported its first LNG in January 2023 and ended
the year accounting for 4% (0.6 Bcf/d) of Europe’s total imports. The United States supplied more
than 80% of Germany’s LNG imports.
Data source: CEDIGAZ ,,,,
Note: Other includes Belgium, Croatia, Finland, Greece, Lithuania, Malta, Poland, Portugal, and
Sweden. LNG=liquefied natural gas

Natural gas prices at the Title Transfer Facility (TTF) in the Netherlands—a large natural gas trading
hub in Europe—started to increase in the second half of 2021, and by 2022, averaged $40.30 per
million British thermal units (MMBtu) annually.
TTF prices reached nearly $100.00/MMBtu in August 2022, significantly higher than the 2019–20
average of $3.86/MMBtu amid concerns over natural gas supplies for the winter given the
uncertainty over the future of piped natural gas from Russia.
In January 2023, however, TTF prices began to decline from a monthly average of $20.43/MMBtu
to $10.06/MMBtu by May as natural gas balances in Europe continued to improve. From June 2023
through the end of the year, TTF prices averaged $11.89/MMBtu, falling below LNG prices in East
Asia.

NewBase Energy News 04- March - Issue No. 1704 call on +971504822502, UAE
The Editor:” Khaled Al Awadi” Your partner in Energy Services
NewBase energy news is produced Twice a week and sponsored by Hawk Energy Service – Dubai, UAE.
For additional free subscriptions, please email us.
About: Khaled Malallah Al Awadi,
Energy Consultant
MS & BS Mechanical Engineering (HON), USA
Emarat member since 1990
ASME member since 1995
Hawk Energy member 2010
www.linkedin.com/in/khaled-al-awadi-38b995b
Mobile: +971504822502
khdmohd@hawkenergy.net or khdmohd@hotmail.com
Khaled Al Awadi is a UAE National with over 30 years of experience in the Oil & Gas
sector. Has Mechanical Engineering BSc. & MSc. Degrees from leading U.S.
Universities. Currently working as self leading external Energy consultant for the
GCC area via many leading Energy Services companies. Khaled is the Founder of
the NewBase Energy news articles issues, Khaled is an international consultant,
advisor, ecopreneur and journalist with expertise in Gas & Oil pipeline Networks,
waste management, waste-to-energy, renewable energy, environment protection
and sustainable development. His geographical areas of focus include Middle East,
Africa and Asia. Khaled has successfully accomplished a wide range of projects in
the areas of Gas & Oil with extensive works on Gas Pipeline Network Facilities & gas
compressor stations. Executed projects in the designing & constructing of gas pipelines, gas metering &
regulating stations and in the engineering of gas/oil supply routes.
Has drafted & finalized many contracts/agreements in products sale, transportation, operation &
maintenance agreements. Along with many MOUs & JVs for organizations & governments authorities.
Currently dealing for biomass energy, biogas, waste-to-energy, recycling and waste management. He has
participated in numerous conferences and workshops as chairman, session chair, keynote speaker and
panelist.
Khaled is the Editor-in-Chief of NewBase Energy News and is a professional environmental writer with over
1400 popular articles to his credit. He is proactively engaged in creating mass awareness on renewable
energy, waste management, plant Automation IA and environmental sustainability in different parts of the
world. Khaled has become a reference for many of the Oil & Gas Conferences and for many Energy program
broadcasted internationally, via GCC leading satellite Channels. Khaled can be reached at any time, see
contact details above.

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NewBase 04 March 2024 Energy News issue - 1704 by Khaled Al Awadi_compressed (1).pdf