East Mediterranean fields could help to keep Europe supplied with liquefied natural gas (LNG) if disruption of deliveries via the Red Sea continues, the chief executive of Italian gas grid operator Snam SRG.MI said on Thursday.

Iranian-backed Houthi militants in Yemen have stepped up attacks on vessels in the Red Sea, leading some companies to use much longer and more expensive routes instead.

On Wednesday, energy group Edison EDNn.MI said an LNG cargo scheduled to arrive at Italy’s terminal in the Adriatic Sea via the Suez Canal would not be delivered.

At a presentation of the group’s business plan to 2027 to analysts, Snam CEO Stefano Venier sought to provide reassurance over the risk of disruption.

Venier said he expected Qatar, which has a long-term contract with Edison, would continue to ship to Italy via different routes.

He also said the United States would remain Europe’s main source of LNG and that gas fields located in the East Mediterranean – offshore Israel and Cyprus – could provide an alternative LNG source for Europe. Snam does not have any stake in gas in the area.
Source: Reuters (Reporting by Francesca Landini; editing by Barbara Lewis)