EnBW and Ineos deals see Europe close its LNG term contract gap with Asia

The continent’s post-Ukraine agreements are still less than Asian buyers and portfolio players

German utility EnBW and UK-headquartered chemicals firm Ineos have become the latest European purchasers to strike deals for long-term LNG supplies in the wake of greater concerns over the continent’s security of gas supply following Russia’s invasion of Ukraine. The two contracts, one a SPA and the other a heads of agreement (HoA), take the headline figure for new LNG term delivery deals struck by primarily European customers to 10.8mn t/yr in the four months since the Ukraine war started (see Fig.1) out of almost 35mn t/yr agreed globally in a flurry of contracting activity. 10.2-10.6mn t/yr – Net increase contracting from European buyers It is a headline figure because French util