Asia Now Buys 45% Of All Russian LNG, The European Union Purchased A Record 52% In 2024

Russia exported a record 33.6 million tons of liquefied natural gas (LNG) last year, more than half of which went to the EU market, with Asia a close second, according to data from Belgium based, global analytics firm Kpler.

The figure represents an increase of 4% from the previous record of 32.9 million tons set in 2022. Russia also achieved a new milestone in December, exporting 3.25 million tons of LNG – a nearly 14% increase compared to the previous month and 1.3% higher than the previous high set in December 2023.

According to Kpler, the largest share of Russia’s LNG exports last year came from its Yamal LNG facility, with shipments totalling 21.1 million tons – up 6% over 2023. In contrast, exports from Sakhalin-2 declined by 3.1% to 9.9 million tons. At the same time, shipments from Vysotsk, home to mid-scale plants Gazprom LNG Portovaya and Kriogaz-Vysotsk, rose by 3.4% to 2.31 million tons.

Kpler’s data also showed that some 186,000 tons were shipped from the Utrenny terminal, part of the Arctic LNG 2 project. Additionally, Kpler identified another 135,000 tons of Russian LNG shipments as originating from other ports. The report aligns with statements made by Russian Deputy Prime Minister Aleksandr Novak that in December the country’s LNG exports would reach approximately 33 million tons by the end of 2024.

Novak said at the time that “We have major projects underway with new plants under construction. LNG is being supplied to both European and Asian countries. The LNG market is highly competitive, while the number of countries purchasing Russian fuel is significant.”

The EU is consuming Russian LNG at record pace, and accounted for approximately 17.4 million tons, or 52%, of Russia’s total LNG exports in 2024, representing a 4% increase over 2023, according to Kpler. The increase in Russian LNG imports came despite the EU’s politically public rhetoric about reducing reliance on Russian energy. EU actions are proving rather different from their politicians public speeches.

France, Spain, Belgium, and the Netherlands were the largest buyers of Russian LNG within the EU last year, according to Kpler.

Approximately 45% of total exports, equivalent to 15.2 million tons, were directed to Asian markets. China was the top buyer in the region, importing 7 million tons, followed by Japan with 5.7 million tons. Japan has also been publicly vocal about reducing supplies from Russia.

Other destinations included Türkiye and Kuwait. The latter significantly boosted its imports to 220,000 tons, a threefold increase over 2023 purchase volumes. Additionally, 336,000 tons of Russian LNG were shipped to other destinations, mostly to smaller African and South Asian nations.