European oil and gas industry grapples with gas crisis

Since February 24, the Russian-Ukrainian conflict and Western sanctions against Russia have continued for nearly half a year, and there is no sign of easing

Countries speed up the construction of LNG facilities

In the context of geopolitical conflict, most countries in Europe are planning or are building LNG import facilities

Among the countries, the most affected by Russian gas is Germany

In addition, Greece also plans to build 5 FSRU projects, the goal is to become a natural gas supply center in Southeast Europe

Refiners adopt 'self-help' measures to cut consumption

European refiners are also grappling with the negative impact of soaring gas prices

Shell Chief Executive Van Beurden said its refining unit was taking "self-help" measures to reduce gas consumption

Van Beurden said: “We were able to reduce the use of natural gas in the process without changing the refining output

Reducing gas consumption is part of a trend for European refiners to shift energy from gas to oil

Ultra-high natural gas prices help low-sulfur crude oil

Reducing the use of natural gas by refiners could also spur manufacturers to ramp up processing of light, sweet crudes, such as those from the North Sea

Rebecca Foley, S&P Global European oil market analyst, said: "High gas prices continue to weigh on the refining margins of European refiners that rely on natural gas as a fuel

Weak North Sea crude production has in turn spurred increased European imports of light, sweet crude, especially from the United States, according to BP's statistical yearbook