Equinor: Iran's war increases interest in LNG and Norwegian petroleum products in Asia-Pacific

Equinor said that it has seen an increase in demand for energy exports from 'Norway', even from customers as far away as Australia. This is after the Iran War curtailed exports of LNG and petroleum products (LNG) out of the Gulf.

Conflict has closed the Strait of Hormuz - a chokepoint for energy exports, particularly to Asia. After presenting Equinor's first quarter earnings, CEO Anders Opedal said that the closure had resulted in a?loss? of 12 million barrels per day of oil and also affected the supply of refined products like diesel and jet fuels.

The war has caused oil prices to rise and increased production, which led to the biggest 'quarterly' earnings for Europe's largest producer of gas and oil in three years.

Equinor operates a refinery in Mongstad, on the west coast of Norway. It also has a LNG plant in Arctic Hammerfest that serves customers primarily in Europe.

"But we notice that customers in Asia contact us once a month to maintain a good relationship with them. "They call twice a weekly now," Opedal told later.

Opedal stated that Equinor recently?shipped? a cargo from Mongstad, something which had not happened in years.

The CEO stated that there is increased interest in LNG from Indian fertiliser producers.

LSEG shipping 'data' showed that the Arctic Lady LNG Tanker loaded up a?at Hammerfest, on April 7, and will discharge its cargo?at the Dahej Port?on India’s west coast, on?May 12?

Equinor stated that despite the increase in shipping costs, deliveries were still?profitable.

Opedal stated, "We have an entire shipping department that is very, very intelligent. They make sure we optimize our shipping fleet." (Reporting and editing by Tomasz Jánowski)

(source: Reuters)