The 20-year contract provides for the purchase of 2.25 million tons of liquefied gas per year from Venture Global LNG.
Germany has signed another long-term deal to import American liquefied natural gas in an effort to further reduce Russia’s energy dependence. The Financial Times reported this on June 22.
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It was noted that SEFE (Securing Energy For Europe) – a company that emerged as a result of Berlin’s de facto nationalization of the German enterprises of Russian Gazprom – will buy 2.25 million tons of gas per year from Venture Global LNG.
“The 20-year contract shows that Germany, which only started importing LNG seven months ago, expects its economy’s gas consumption to remain unchanged despite a goal of cutting 95% of net carbon emissions in 2045. SEFE is fully owned by the German state “, – the publication wrote.
The price at which the gas will be sold was not disclosed. The deal is Germany’s second 20-year deal with Venture Global, making the US company the country’s largest LNG supplier.
Last year, the German company RWE entered into an agreement to supply Qatari LNG for 15 years – a shorter period than the Gulf state wanted.
The FT recalls that exports of liquefied natural gas from the United States to Europe rose sharply last year due to the deepening energy crisis and rising gas prices. Germany, which has relied on cheap Russian gas for decades, has been particularly hard hit by supply losses following Russia’s massive invasion of Ukraine.
Before the energy crisis, Germany was the only major European economy without the capacity to import LNG, but in the past 18 months, Berlin has accelerated the construction of several facilities to import floating gases.
The country has received a total of 2.4 million tons of LNG since December, with more than 70% from the US, according to Refinitiv.
Recall that in January, German Chancellor Olaf Scholz said that the country has managed to overcome its dependence on Russian energy. He emphasized that two mobile terminals for receiving liquefied gas have already been opened in Germany and they are waiting for the opening of new ones.
Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.