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UK to receive first LNG from Peru 

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LNG Industry,

Bloomberg are reporting that almost a year after the first LNG cargo left the Gulf of Mexico, the UK is still waiting to claim a portion of American supply. By the end of February it will have received a cargo, but it will not be made in the US.

Peru LNG loaded a vessel on 6 February destined for England. It is the first of the plant’s 401 cargoes to head to the UK and the first into the liquid markets of northwest Europe since 2010, not counting a shipment in August to France’s Dunkirk used to cool down a new import terminal.

That a South American supplier beat the US to Britain’s energy market highlights changes in the way gas is being shipped and traded worldwide. While Peruvian LNG has a more natural home in nearby markets, it now has to compete with fuel from the US, which is expanding its export capacity. At the same time, an expansion of the Panama Canal means the shipping distance to Europe has shrunk.

The Gallina will arrive in Britain on 21 February. It is the seventh tanker to load at the Hunt Oil Co.-operated Peru LNG facility this year, with the other six vessels going to Spain. 

Peru’s biggest market has traditionally been Mexico, which received 34 of the 71 tankers it loaded in 2016, the last in October, and has boosted imports from the US. Of this year’s Peru LNG cargoes, all but two are traveling via the Panama Canal.

While UK LNG imports may have plummeted from the highs in 2011, the nation has boosted reloads of previously imported LNG and Trafigura Group plans to reopen an import terminal as new supply is expected to lead to a glut.

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