Early bird gets the worm: Europe scrambles for FSRUs in wake of Ukraine invasion

Only Subscribers can read the full Article

Russia’s invasion of Ukraine on 24 February resulted in great anxiety among Europe’s natural gas consumers over their security of supply – and with good reason. Some countries – Poland, Bulgaria and Finland – have already had their gas supplies cut off by Gazprom over their refusal to pay the Russian gas giant in roubles instead of euros, while others are planning to reduce, and eventually end, their pipeline gas imports from Russia. To do so, a number of European nations have turned to LNG, resuscitating shelved import projects or developing new ones.

Floating storage and regasification units (FSRUs) are seen as key in helping these countries access LNG as swiftly as possible. But Europe’s sudden appetite for FSRUs came at a time when the global demand for them was lacklustre, with a slowdown in the growth of the FSRU fleet seen in recent years. And while half a dozen FSRUs were quickly snapped up by Europeans in the wake of the war in Ukraine, a much-reduced pool of available units could at some point present an obstacle to LNG terminal developers elsewhere in the world.

Subscription Benefits

Our three titles – LNG Business Review, Gas Matters and Gas Matters Today – tackle the biggest questions on global developments and major industry trends through a mixture of news, profiles and analysis.

LNG Business Review

LNG Business Review seeks to discover new truths about today’s LNG industry. It strives to widen market players’ scope of reference by actively engaging with events, offering new perspectives while challenging existing ones, and never shying away from being a platform for debate.

Gas Matters

Gas Matters digs deep into the stories of today, keeping the challenges of tomorrow in its sights. Weekly features and interviews, informed by unrivalled in-house expertise, offer a fresh perspective on events as well as thoughtful, intelligent analysis that dares to challenge the status quo.

Gas Matters Today

Gas Matters Today cuts through the bluster of online news and views to offer trustworthy, informed perspectives on major events shaping the gas and LNG industries. This daily news service provides unparalleled insight by drawing on the collective knowledge of in-house reporters, specialist contributors and extensive archive to go beyond the headlines, making it essential reading for gas industry professionals.

Did you know that your Internet Explorer Browser is out of date?

Your MS Internet Explorer browser is out of date, and will not be fully compatible with our website. For best browsing experience we recommend that you upgrade your IE browser to a more recent version or use an alternative, more recent browser.