Portugal has comfortable levels of oil and gas, can help Ukraine

REN Redes Energeticas Nacionais SGPS SA

01/03/2022 11:01

By Sergio Goncalves
    LISBON, March 1 (Reuters) - Portugal's public reserves of
oil and natural gas are at comfortable levels and a portion
could be sent to Ukraine if the country needs it, Environment
and Energy Transition Minister Joao Matos Fernandes said.
    He said Portugal, which has not imported crude from Russia
since 2020, has strategic reserves of crude, gasoline and diesel
that guarantee the country's consumption for 90 days, plus the
reserves that energy companies have.
    The natural gas reserves "are also at very comfortable
levels, exceeding 80% of the country's total storage capacity,"
Matos Fernandes told reporters late on Monday.
    "These are reserves that we keep for our Portuguese
consumers but we always admitted that, if these fuels are
lacking in Ukraine, we can transfer a portion of these reserves
to Ukraine," he said.
    Portugal does not depend at all on pipeline gas flows from
Russia, Matos Fernandes said, as it imports liquefied natural
gas (LNG) brought in by ship to the port of Sines - the closest
European port to the United States.
    The minister added that it was crucial to increase Iberia's
gas pipeline connections to the rest of Europe, as there is only
one running from Spain to France.  urn:newsml:reuters.com:*:nL8N2UQ7QJ
    According to data from natural gas transport grid REN-Redes
Energeticas Nacionais, Nigeria was the largest supplier of LNG
to Portugal in 2021 with a share of 49.5%, followed by the
United States with 33.3%. 
    Russia accounted for around 10% and Portugal has not
imported any Russian gas since October. 
    "We already had expected this year's (LNG) imports from
Russia to be below 10%. With the war (in Ukraine), it will
really be lower," Matos Fernandes said.
    Russia supplies around 40% of Europe's gas. European energy
ministers met on Monday to discuss how to insulate themselves
from supply shocks linked to Russia's invasion of
Ukraine. urn:newsml:reuters.com:*:nL1N2V20KQ     

 (Reporting by Sergio Goncalves, editing by Ed Osmond)
 ((sergio.goncalves@thomsonreuters.com; +351213509204; Reuters
Messaging: sergio.goncalves.reuters.com@reuters.net))