GECF intends to create an Electronic Trading Platform

Oil&Gas Materials 9 December 2021 11:23 (UTC +04:00)
GECF intends to create an Electronic Trading Platform

BAKU, Azerbaijan, Dec.9

By Leman Zeynalova – Trend:

The Gas Exporting Countries Forum (GECF), the global platform of the leading gas producing nations, is exploring the possibility of creating an Electronic Trading Platform for the trade of carbon-neutral LNG, Trend reports with reference to GECF.

Delivering a keynote at the Budapest LNG Summit 2021, Forum’s Secretary General Yury Sentyurin reiterated GECF’s commitment to support the decarbonisation of the energy sector.

He noted that the carbon neutrality in LNG is gaining momentum through technology-based strategies to curb GHG emissions and the trade of these cargoes is expected to grow significantly in the short- to medium-term.

“Despite the small number of carbon neutral LNG cargoes traded so far, representing less than 1 percent of global LNG trade, this new concept is impacting LNG contracts, where a new clause is being introduced, requesting the sellers to report the emissions from each LNG cargo, with no obligation to offset the emissions for the time being,” added GECF Secretary General.

Sentyurin went on to add that the GECF’s market share in Europe remains dominant and that the Forum also contributes its views through active participation in United Nations Economic Commission for Europe (UNECE).

He noted that in 2021, the market witnessed significant price spikes exceeding US$40 mmBtu driven by strong demand, tight supply due to maintenance at several gas and LNG facilities and high EU carbon prices, as well as low storage level in Europe.


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