MOSCOW, July 21 (Reuters) – Increased supplies of liquefied natural gas (LNG) from Russia’s Novatek (NVTK.MM) mean the company is close to overtaking Kremlin-controlled Gazprom (GAZP.MM) as the country’s leading fuel supplier to Europe, Reuters calculations show.
Novatek’s rise towards the coveted top spot underlines how much the Ukraine conflict has disrupted Russia’s and the world’s energy industry as Europe turns to LNG and away from Gazprom’s network of pipelines that dominated European supply for decades.
Russia’s gas, in contrast to its oil, is not subject to Western sanctions, although Brussels is considering extending its embargo on Russian fuel.
