The Magazine for Asian Investors
The UK will import Australian gas next week as pressure mounts on European energy supplies.
According to commodity analyst Kepler, Australian natural gas (LNG) is scheduled to arrive in the UK on August 22. Normally, Australia does not have a gas distribution policy for far-flung countries, but European countries have been trying to replace Russia’s gas supplies after Russia invaded Ukraine. The UK stopped importing gas from Russia in April.
The UK has imported little Russian gas since before the war in Ukraine, but has connections to the European gas network. Europe is more dependent on Russian gas than the UK and has already reduced gas supplies through the Nord Stream pipeline. Russia has been accused of using gas as a political weapon. This has raised fears that Russia could cut off gas supplies to Europe altogether if it fails to find a solution to the crisis in Ukraine.
According to energy analysts, the UK import of Australian gas shows how desperate Europe is for new sources of gas ahead of winter.