#ForexChief #Gas #Biden #cnooc #stocks #StockExchange #profit #Sinopec #Shell ⠀
🌎Gas for Europe as a global business project⠀
💵 Natural gas prices in Europe are trying to come down: applications for sending fuel via Velké Kapusany have increased by 36%, but the overall situation remains tense. Finally, Biden managed to agree on a meeting with the Emir of Qatar, Sheikh Tamim bin Hamad al-Thani. Next week in Washington, the leaders of the states will discuss the scheme of LNG supplies in the event of a potential shortage of energy carriers. US will try to get guarantees for additional gas supplies to the European Union if the transport route for Russian raw materials becomes problematic.
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Currently, Qatar sells about 5% of its exports to EU and sells 75% in Asian region. The country already has global commitments for the supply of LNG, for example, an agreement with Sinopec (2 mln tons/year),
Shell (1 mln tons/year) and a very «fresh» contract with CNOOC for the supply of 3.5 million tons annually in for 15 years.
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The country's reserves for increasing supplies are small, so for the time being Qatar is in no hurry to deploy its tankers from Asia to Europe. Nevertheless, with the mediation of the United States, it will be able to add 20-40 billion cubic meters to the European market in the LNG format. Similar negotiations are underway with other gas suppliers, such as Australia, but so far without success.
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It is much more difficult to guarantee an urgent increase in supplies than a strategic one, but the current situation of increased demand is still considered anomalous. The problem is compounded by the fact that there are not enough terminals in Europe to receive LNG.
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If Qatar ventures into such schemes, then it is counting on additional contracts for exports to the EU, so that competition between Asian and European consumers is intensifying. And in such conditions, market prices have only gone way − up.
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Profits to y’all!