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Algeria boosted its share of Spanish gas imports to 60% last year, up from 51.5% in 2013, as pipeline gas nominations rose in a context of reduced LNG and oil prices. About three-quarters of the Algerian volumes were piped gas, with 43% of this (21% of total imports) coming through the 8 bcm/year Medgaz link that runs from Beni Saf to Almeria, and the remaining 57% (27% of total imports) via the 12 bcm/year Gas Maghreb Europe (GME) pipeline that transits Morocco (see chart and table, p7).
The most noticeable change in Spain’s import profile is the significant drop in total LNG imports in 2015 (see chart 2), as lower spot and oil prices gave less financial incentives for buyers with capacity at the country’s regasification facilities to import LNG for subsequent re-export to higher-priced destinations for profit-making. Overall LNG intakes declined by approximately 18% to the equivalent of 151,941GWh in 2015, following an annual increase of 3.5% to 180,093GWh in 2014.
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