Argentina Turns Away Gunvor-Chartered LNG Tanker, Citing Sanctions
(Reuters) — A tanker containing LNG that originated from a Russia supplier and was loaded onto a Gunvor Group-chartered vessel off the coast of France was turned away this week by Argentine energy firm Enarsa, according to officials.
The tanker Flex Artemis was in the South Atlantic and heading northeast on Thursday, according to Refinitiv vessel tracking. It had carried LNG from Yamal in Russia, according to a trader familiar with the matter, and had arrived in Argentine waters about July 14.
The rejection is one more sign of the energy market upheavals since Russia’s invasion of Ukraine last year and of a growing wariness of buyers involving even authorized deals with Russia-originated fuels. It also reflects this year’s surplus of LNG on global markets.
"Enarsa blocked that delivery because it violates the contract, because it is a company with sanctions," Argentina's Economy Minister Sergio Massa said this week.
An LNG trader familiar with Enarsa’s business said an international bank involved in the transaction had blocked payment to avoid running afoul of secondary sanctions involving financial transactions.
A spokesperson for Geneva-based Gunvor denied the LNG was turned away over Russia sanctions and said the deal counterparty was aware of the cargo's origin.
"An alleged decision by a European bank to self-sanction, i.e., act beyond the laws in place, has no bearing on the legality of the transaction or the legal policy of Argentina toward Russia," the person said.
LNG prices have tumbled this year, trading in Europe at under $10 per million British thermal units (MMBtus) this month after soaring to more than $70/MMBtu last August as Russia's gas flows to Europe were cut.
Related News
Related News

- Energy Transfer Wins New York Court Ruling in $150 Million Pipeline Fraud Case
- $3 Billion Natural Gas Pipeline Expansion to Add 1.3 Bcf Capacity in Southeast Region
- Trump Puts Keystone XL Pipeline Back in Discussion, Though Revival Faces Developer Resistance
- Boardwalk Approves 110-Mile, 1.16 Bcf/d Mississippi Kosci Junction Pipeline Project
- Kinder Morgan Approves $1.4 Billion Mississippi Crossing Project to Boost Southeast Gas Supply
- Enbridge Should Rethink Old, Troubled Line 5 Pipeline, IEEFA Says
- GOP Lawmakers Slam New York for Blocking $500 Million Pipeline Project
- Texas Oil Company Challenges $250 Million Insurance Collateral Demand for Pipeline, Offshore Operations
- Phillips 66 to Sell $865 Million Stake in 500-Mile Gulf Coast Express Pipeline to ArcLight
- NDT, Aramco to Launch 56-Inch Inspection Tool
Comments