Spain plans to stop importing Russian liquefied natural gas (LNG) from January 1, 2027, despite existing long-term supply contracts held by Spanish companies, Foreign Minister José Manuel Albares said. According to Albares, Madrid intends to comply with the European Union’s restrictions on Russian LNG imports. He noted that some Spanish companies still have active LNG contracts, which are typically signed for many years and cannot be terminated immediately.
"LNG supply contracts are long-term agreements. They are not something that can be resolved at the last minute, as they often remain in place for decades," Albares added. The Spanish foreign minister also highlighted that Spain has one of the largest LNG storage and regasification capacities in Europe.
He said this infrastructure could allow the country to support other European states by helping secure gas supplies from alternative reliable partners, including the United States. Earlier, Hungarian Minister of Economy and Energy Istvan Kapitany said that Budapest expects to ensure its gas supplies without Russian gas by October 2027. It should be noted that Europe’s natural gas storage facilities are currently 61.6% full, compared with 74% during the same period last year.
According to Gas Infrastructure Europe (GIE), natural gas prices in Europe have risen by as much as 5% amid low storage levels and supply disruptions. At the Netherlands’ TTF hub, the price of natural gas has reached €68.36 per megawatt-hour. Here we are to serve you with news right now.
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