US Sanctions Prompt 33% Increase in Turkey’s LNG Imports

Sanctions against Gazprombank drive Turkey to boost LNG imports. December sees a 33% rise, highlighting a strategic move to secure energy supply for winter.

Partagez:

Turkey has significantly increased its liquefied natural gas (LNG) imports in response to geopolitical uncertainties and economic sanctions imposed by the United States against Gazprombank. In December 2024, imported volumes reached their highest levels since February, reflecting a proactive approach to securing winter energy supply.

Impact of US Sanctions

On November 21, 2024, the United States expanded its sanctions to include Gazprombank, a key player in processing payments for Russia’s natural gas exports. These measures aim to support Ukraine’s war efforts while complicating energy transactions for Russia. In response, Turkey is actively negotiating with Washington to obtain an exemption that would allow it to continue importing Russian pipeline gas.

Gazprombank plays a crucial role in maintaining gas flows via the TurkStream pipeline, essential for several Central and Southeastern European countries. However, Ankara, anticipating possible disruptions, has diversified its supply by increasing LNG imports.

A Record Increase in Imports

Data from Commodity Insights reveals that Turkey’s LNG imports between December 1 and 17, 2024, reached 1.21 million tonnes, a 33% increase compared to the same period in 2023. The United States accounted for 64% of shipments, followed by Algeria (17%) and Russia (6%). Approximately 82% of these imports were made through spot or short-term purchases, demonstrating the flexibility of supply chains.

Energy Supply Strategies

To meet rising winter demand, Turkey is maintaining gas storage levels while increasing international market purchases. In addition to Russian gas, the country continues to import pipeline gas from Iran and Azerbaijan. However, recent production issues in Iran, marked by power outages, could limit these flows in the coming months.

An industry source indicated that this strategy aims to mitigate supply risks in an uncertain context. “BOTAS, the public supplier, is prioritizing LNG purchases due to sanctions and tensions around Russian flows,” the source stated.

Pressure on LNG Prices

LNG prices in the Eastern Mediterranean remain high due to restricted supply and logistical constraints at the Suez Canal. In December, the DES Eastern Mediterranean marker was assessed at $12.249/MMBtu, reflecting a significant premium over European indices.

Turkey is expecting four more shipments by the end of December, totaling approximately 260,000 tonnes. This trend is likely to continue in January and February 2025, reinforcing Turkey’s role as a regional energy hub.

The small-scale liquefied natural gas market is forecast to grow at an annual rate of 7.5%, reaching an estimated total value of $31.78bn by 2030, driven particularly by maritime and heavy-duty road transport sectors.
The European Union extends gas storage regulations by two years, requiring member states to maintain a minimum fill rate of 90% to ensure energy security and economic stability amid market uncertainties.
Energy Transfer strengthens its partnership with Chevron by increasing their liquefied natural gas supply agreement by 50% from the upcoming Lake Charles LNG export terminal, strategically aiming for long-term supply security.
Woodside finalises the divestment of a 40% stake in the Louisiana LNG project to Stonepeak, injecting $5.7 billion to accelerate developments and optimise financial returns ahead of first gas delivery scheduled in 2026.
Keranic Industrial Gas seals a sixty-day exclusivity deal to buy Royal Helium’s key assets, raise CAD9.5mn ($7.0mn) and bring Alberta’s Steveville plant back online in under fifteen weeks.
The Irish-Portuguese company Fusion Fuel strengthens its footprint in the United Arab Emirates as subsidiary Al Shola Gas adds AED4.4 mn ($1.2 mn) in new engineering contracts, consolidating an already robust 2025 order book.
Cheniere Energy validates major investment to expand Corpus Christi terminal, adding two liquefaction units to increase its liquefied natural gas export capacity by 2029, responding to recent international agreements.
A study by the International Energy Agency reveals that global emissions from liquefied natural gas could be significantly reduced using current technologies.
Europe is injecting natural gas into underground storage facilities at a three-year high, even as reserves remain below historical averages, prompting maximized imports of liquefied natural gas (LNG).
South Korea abandons plans to lower electricity rates this summer, fearing disruptions in liquefied natural gas supply due to escalating geopolitical tensions in the Middle East, despite recent declines in fuel import costs.
Russia positions itself to supply liquefied natural gas to Mexico and considers expanded technological sharing in the energy sector, according to Russian Energy Minister Sergey Tsivilyov.
Israel has partially resumed its natural gas exports to Egypt and Jordan following a week-long halt due to the closure of two major offshore gas fields, Leviathan and Karish.
Nepal reveals a significant potential reserve of methane in the west of the country, following exploratory drilling conducted with technical support from China, opening new economic prospects.
Petronas formalizes a memorandum with JOGMEC to secure Japanese LNG deliveries, including a first cargo from LNG Canada scheduled for July at Toho Gas.
Belgrade is currently finalising a new gas contract with Russia, promising Europe's lowest tariff, according to Srbijagas General Director Dusan Bajatovic, despite Europe's aim to eliminate Russian imports by 2027.
TotalEnergies and QatarEnergy have won the Ahara exploration licence, marking a new stage in their partnership with SONATRACH on a vast area located between Berkine and Illizi.
After four years of interruption due to regional insecurity, TotalEnergies announces the upcoming resumption of its liquefied natural gas project in Mozambique, representing a $20bn investment.
The French group has acquired from PETRONAS stakes in several licences covering more than 100,000 km² off Malaysia and Indonesia, consolidating its Asian presence and its exposure to the liquefied natural gas market.
In response to rising summer electricity consumption, Egypt signs import agreements covering 290 shipments of liquefied natural gas, involving major international firms, with financial terms adjusted to the country’s economic constraints.
Egyptian fertilizer producers suspended their activities due to reduced imports of Israeli gas, following recent production halts at Israel's Leviathan and Karish gas fields after Israeli strikes in Iran.