European Union member states approved the regulation to begin the phase-out of liquefied natural gas and pipeline gas imports from Russia in 2027.

The decision, approved by a qualified majority, with Hungary and Slovakia voting against and Bulgaria abstaining, is considered a “fundamental step towards the Union definitively ending its energy dependence on Russia.”

Existing contracts will undergo a transition period, which will help limit the impact of this decision on prices and markets. The 27 EU member states have also agreed to impose an obligation requiring them to verify the country of origin of any gas before authorizing its entry into the Union, thus preventing Russian gas from being introduced through sales to third countries.

Failure to comply with these new rules, which will come into force on February 2, could result in maximum fines of at least €2.5 million for individuals and at least €40 million for companies, as well as a minimum of 3.5 % of the company’s total worldwide annual turnover or 300 % of the estimated turnover of the transaction.

Furthermore, from March 1, EU member states will be required to draw up national plans to diversify their gas supplies and identify potential challenges to their replacement.

There is an exception to the regulation, allowing for a suspension of up to four weeks, and countries may reconnect to Russian gas in the event of a declared emergency or if security of supply is seriously threatened in one or more member states. EU.

M.Pino

Source: economiadigital

(Reference image source: Boris Busorgin on Unsplash)

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As part of the CP2 LNG project, the Italian oil company Eni signed a 20-year agreement with the US-based Venture Global for the purchase of 2 million tons of liquefied natural gas per year.

Eni announced this agreement last week in an official statement, indicating that the “Venture Global plant, located in Louisiana, USA, is currently under construction and will be able to produce up to 28 million tons of gas per year when completed.”

This agreement is Eni’s first long-term LNG supply agreement from the US and represents a key strategy in the Italian company’s strategy to expand and diversify its global presence in the LNG market, increasing the flexibility of its energy portfolio.

According to the Italian oil company, these deliveries will allow for the “diversification of gas supply in Europe.” In this regard, Eni plans to reach 20 MTPA of contracted LNG by 2030.

M.Pino

Source: swissinfo

(Reference image source: the blowup on Unsplash)

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The German government will allocate some 3,000 million euros (about 3,235 million dollars) to four floating terminals of liquefied natural gas (LNG) in the next ten years, according to a letter addressed to the German Parliament.

Initially, the letter mentioned the amount of 2,470 million euros, but later a spokeswoman for the Ministry of Finance specified that the correct figure was 2,740 million euros, to which an additional 200 million had to be added.

According to the information, the Ministry of Finance has already released the funds without consulting the relevant budget commission. It was argued that such a procedure was necessary for “compelling reasons”.

It is expected that the corresponding freight contracts will be signed by next Wednesday, April 20. Their objective is to import liquefied natural gas to ensure the gas supply to Germany.

German government will increase LNG

Having more liquefied natural gas is one of the pillars of the German government’s efforts to reduce dependence on Russian gas supplies.

In a “Progress Report on Energy Security” published by the Ministry of Economy at the end of March, it is stated that the federal government had sought options for three floating LNG terminals through the companies RWE and Uniper in order to continue to increase security of supply in Germany.

According to information, the companies are currently negotiating the lease of these floating terminals and the negotiations are in the final stretch.

For its part, it was indicated that the Government is currently examining possible locations in the North Sea and the Baltic Sea, where the terminals could be deployed in the short term, in some cases even as early as the (European) winter of 2022-23.

Source: dpa

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