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According to the German business newspaper Handelsblatt, Europe is sparking an energy crisis in the countries of the Third World as it searches for alternatives to Russian LNG.
Competition in the LGN market has increased since Europe pledged to replace Russian gas, Handelsblatt reported. In this light, the Third World nations are now facing problems as their energy companies simply cannot buy gas at higher prices.
Steve Hill, the executive vice president for Shell Energy, says Europe is provoking an energy crisis in developing countries by pumping out gas from the rest of the world. Asia’s LNG market is already in dire straits. Earlier, Bangladesh slammed the European Union for promising LNG producers to buy gas at higher prices as it deprived millions of people in developing countries of gas.
For years, suppliers have been selling LNG to countries willing to pay more. Asian countries used to be the main importers of LNG as prices there were higher than in Europe. Yet, the situation has reversed, with the cost of LNG in Europe now surpassing that in Asia.
Published 11 August 2022
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