Blazing gas flares 70 meters high brighten the night sky above Qatar’s Ras Laffan Industrial City. The 295-square-kilometer complex houses the world’s largest assemblage of liquefied natural gas plants and the biggest port for LNG exports on the globe. Ras Laffan chills to a fluid more gas in a year than Canada consumes and then ships it to run electric plants and warm homes from Tokyo to Buenos Aires. The gas facilities within its grounds produce almost a third of the world’s LNG exports, Bloomberg Markets will report in its May issue.
Europe’s natural gas prices would have to double to lure enough cargoes from the global market to replace Russian supplies, adding to the challenges of decreasing the region’s dependence on its neighbor.
Russia said Ukraine’s natural gas debt climbed to almost $2 billion and signaled supplies may be cut, ratcheting up pressure on its neighbor as they scrap over the future of the Black Sea Crimea region.
German Chancellor Angela Merkel’s campaign to limit climate change with an energy system based on renewable sources is cutting into profits of companies that still provide 57 percent of the power that keeps Europe’s biggest economy humming.