The oil and gas industry has moved quickly to take advantage of the disruptions caused by Russia’s invasion of Ukraine. In 2022, a surge of shipments of liquefied natural gas (LNG) from the United States was redirected to Europe in order to replace Russian pipeline gas and secure supplies for the European winter. By taking advantage of this short-term energy crisis, the industry has also secured financing and begun construction on numerous LNG terminals on both sides of the Atlantic that are designed to operate for decades to come.
Oil and Gas Exports
Deutsche Bank and other German lenders have poured finance into gas export terminals on the U.S. Gulf Coast since Russia invaded Ukraine, a report has found, sparking anger among residents who say the megaprojects are devastating their communities. German banks lent 2.17 billion euros to U.S. gas export projects since the beginning of 2022, a sharp increase on the 1.86 billion euros in loans made during the 10 preceding years combined, according to underlying data used to produce the report by environmental groups Urgewald, Environmental Action Germany (DUH) and Andy Gheorghiu Consulting. The banks also underwrote 610 million euros of bonds for the projects from 2012-2021, the data showed.