On Thursday 2 May top business executives from both sides of the Atlantic gather in Brussels to discuss further possibilities for enhancing the transatlantic LNG trade, the role that competitively-priced US LNG can play on the EU market and the growing opportunities for using LNG in the transport sector.
This first-ever business energy forum will be hosted by Commissioner for Climate Action and Energy Miguel Arias Cañete and the US Secretary of Energy Rick Perry. The forum is an important deliverable of the Joint Statement of 25 July 2018 in Washington D.C., where President Juncker and President Trump agreed to strengthen EU – US strategic cooperation with respect to energy. In particular, they came to an understanding on the benefits of expanded exports of US LNG to the EU gas market. US LNG imports to the EU have been increasing continuously since the first cargo in April 2016 and have seen a steep rise after President Trump and President Juncker’s meeting in July 2018.
Since then the cumulative EU imports of LNG from the US have increased by 272% and March 2019 recorded the highest volume ever of EU – US trade in LNG with more than 1.4 billion m3. In line with its LNG Strategy, the EU is actively supporting the development of new LNG capacity in Europe, only last week a grant agreement between the Polish government and the Polskie LNG company for the extension of the LNG terminal in Swinoujscie, in north-western Poland on the Baltic Sea coast was signed. The EU invested almost €128 million from the European Regional Development Fund in extending this terminal, this comes on top of €224 million already invested under the previous funding period.
Read the article online at: https://www.tanksterminals.com/terminals/30042019/eu-and-us-to-gather-to-discuss-increased-lng-trade/