RUSSIAN LNG ACCOUNTS FOR A QUARTER OF SPANISH GAS IMPORTS IN MARCH
In March, liquefied natural gas (LNG) imports from Russia accounted for nearly 26% of Spain's total gas imports, marking a significant increase from the previous year's figure of 14.4%. This confirms Spain's role as a key entry point for Russian gas into Europe. Data from Spanish grid operator Enagas revealed that Russia ranked as Spain's second-largest gas supplier in March, trailing only Algeria. LNG shipments constituted the majority of Spain's imports, representing 65.5%, while the remainder came through pipelines. With the largest array of import terminals in the European Union, Spain has become the leading re-exporter of seaborne Russian gas. In the first quarter of the year, Russian supply comprised 23% of all Spanish gas imports.
Despite the substantial reliance on Russian gas, Spain saw a 23.2% decrease in natural gas imports compared to March of the previous year, totaling 29,129 gigawatt-hours. Additionally, Spain's storage facilities were 81% full by the end of March. In response to Russia's invasion of Ukraine in 2022, Spanish Energy Minister Teresa Ribera has called for a unified approach from the European Commission to prohibit Russian gas imports, including LNG shipments. However, Russia's oil and gas revenue increased significantly last month, jumping by 90% compared to March 2023, underscoring the economic implications of the situation.
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