Despite Greece’s rather turbulent and financially unstable period over the last three to four weeks, the Institute of Energy for SE Europe, whose headquarters are currently in Athens, continued undaunted its daily operation and the fulfillment of its duties towards its members and associates. Thus last Tuesday, July 7, IENE sent out the latest issue of its “S.E. Europe Energy Brief – Monthly Analysis” newsletter (No. 175,June-July 2015). This “Monthly Analysis” focused on the rising importance of LNG and what it means for SE EuropeDespite Greece’s rather turbulent and financially unstable period over the last three to four weeks, the Institute of Energy for SE Europe, whose headquarters are currently in Athens, continued undaunted its daily operation and the fulfillment of its duties towards its members and associates. Thus last Tuesday, July 7, IENE sent out the latest issue of its "S.E. Europe Energy Brief – Monthly Analysis” newsletter (No. 175,June-July 2015). This "Monthly Analysis” focused on the rising importance of LNG and what it means for SE Europe.
In its latest Mid- Term Gas Report for 2015 the Paris-based IEA, says that
Europe together with China and non-OECD Asia will see a sharp LNG import increase in view of growing demand and market restructuring. Apparently Europe will emerge as a residual market, importing what other regions do not take.
As the IENE analysis points out, Europe’s current huge excess of LNG import capacity is unevenly distributed between Western and SE Europe and Central Europe. Consequently, EU’s much touted ‘brave new’ LNG strategy, when finalized, will have to take into consideration the need to strengthen SE Europe’s LNG regasification capacity.
According to IENE’s analysis, regardless of present delays there appears to be firm commitment from Brussels, as indicated in the inclusion of such projects in the latest PCI programme. In this respect it is expected that the SE European region will play a significant role in expanding LNG trade in Europe by2020 through the construction and operation of at least three new LNG regasification projects in Greece, Turkey and Croatia and possibly of others that will follow (see Cyprus, Turkey, Albania).
As IENE notes in this latest newsletter, it appears that LNG prospects in SE Europe and the East Mediterranean in particular are far better than they were five years ago with new projects getting ready to evolve and LNG returning as a fuel of choice for several industrial consumer groups helped by lower prices and increased availability.
