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Growing LNG trade changing the world

June 23, 2006 at 6:29 PM   |   Comments

BRUSSELS, June 23 (UPI) -- The growth in the world liquid natural gas market means the commodity will begin to be sold in many more areas, reducing European pipeline dependency.

"LNG opens the number of places where gas can come from. Suddenly, we are no longer dependent on Kazakhstan or Russia. You can bring in LNG from the Middle East, Venezuela, from anywhere," Ernst & Young global utilities director Ben van Gils said.

The fact that emerging LNG trading elevates the influence of Russia, which holds 30 percent of the world's natural gas reserves, means the commodity will become geopolitically important, the EU Observer said Friday.

"LNG will play a key role in the security of supply," Statoil spokesman Sverre Kojedal said. "Now you can sell gas to the U.S. or anywhere. Oil and gas from the Arctic Circle will play a key part in the security of supply for the EU and U.S. in the years to come."

© 2006 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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