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US, EU strike LNG deal as Europe seeks to cut Russian gas

US, EU strike LNG deal as Europe seeks to cut Russian gas

President Joe Biden and European Commission President Ursula von der Leyen talk to the press about the Russian invasion of Ukraine, at the US Mission in Brussels, Mar 25, 2022, in Brussels. (AP Photo/Evan Vucci)

BRUSSELS: The United States will work to supply 15 billion cubic metres (bcm) of liquefied natural gas (LNG) to European Union markets this year, as Europe seeks to wean itself off Russian gas supplies, according to a factsheet provided by the White House.

US President Joe Biden and European Commission President Ursula von der Leyen will on Friday (Mar 25) announce the formation of a task force on Friday to reduce Europe's dependence on Russian fossil fuels following Russia's invasion of Ukraine.

The Commission will also work with EU countries to ensure they can receive about 50 bcm of additional LNG until at least 2030, the factsheet provided by the White House said.

It was not clear whether it referred to amounts additional to last year's 22 bcm of US exports to the European Union.

The bloc has already stepped up efforts to secure more LNG after talks with a number of supplier countries, resulting in record deliveries of 10 bcm of LNG in more than 120 vessels in January.

That month, US deliveries rose to 4.4 bcm, around double the normal amount for January.

About 10 per cent of EU gas needs are met by domestic production. Russia typically supplies about 41 per cent of the rest of the bloc's needs. 

Source: Reuters/fh

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