US to provide EU with extra 15bn m3 of LNG in 2022 [UPDATE]
The US will strive to provide the EU with an extra 15bn m3 of LNG in 2022 to help the bloc wean itself off Russian gas, the White House announced on March 25.
US president Joe Biden and European Commission president Ursula von der Leyen have agreed to create a joint task force that will work to ensure energy security for the EU and Ukraine, in preparation for next winter, the White House said. The task force will focus on diversifying gas supply, though in line with climate objectives, and reducing demand for gas.
|
Advertisement: The National Gas Company of Trinidad and Tobago Limited (NGC) NGC’s HSSE strategy is reflective and supportive of the organisational vision to become a leader in the global energy business. |
"The US will work with international partners and strive to ensure additional LNG volumes for the EU market of at least 15bn m3 in 2022, with expected increases going forward," the White House said. Longer term, the goal is for the EU to receive around 50bn m3/yr of extra US LNG by 2030, which is equivalent to around a quarter of the gas supply the bloc received from Russia in 2020.
"We as Europeans want to diversify away from Russia towards suppliers that we trust, that are friends, that are reliable," European Commission president Ursula von der Leyen said at a joint US-EU press conference, as reported by Reuters. "Therefore, the US commitment to provide the European Union with additional at least 15bn m3 of LNG this year is a big step in this direction because this will replace the LNG supply that we currently receive from Russia."
The European Commission will also upgrade its regulatory framework for energy security of supply and work with EU member states to fast-track the regulatory process for new LNG import infrastructure. The EU is striving to reduce its Russian gas imports by as much as two thirds within a single year, and also wants to ensure its gas storage facilities are 90% full by the start of October, to safeguard against shortages in winter. These facilities are currently less than 26% full.
A number of European countries have already unveiled plans in recent weeks for the construction of new LNG import terminals including Germany, the biggest buyer of Russian gas in Europe. Three LNG import terminals have been proposed in Germany, and the government has pledged financing and other support to speed up their development.