Germany to Build LNG Terminal to Reduce Russian Gas Dependence
(Bloomberg) --
Germany is partnering with Nederlandse Gasunie NV and RWE AG to build a liquefied natural gas terminal in the country as Europe's biggest economy tries to wean itself off Russian energy imports.
The country's state-owned KfW bank has signed a memorandum of understanding with the two energy firms to build an LNG terminal in the northern port city of Brunsbuettel, the German economy ministry said Saturday. While Gasunie will operate the facility, the German government will own half of it via KfW.
“It's necessary to reduce dependence on Russian imports as soon as possible,” Economy Minister Robert Habeck said in an emailed statement.
The move signals that Europe sees the invasion of Ukraine as a turning point and wants to finally address its longstanding addiction to Russian energy. Germany relies on the country for more than half its natural gas, and a decision to phase out nuclear power before enough renewable capacity has been built to replace it has left the country particularly vulnerable.
Read more: Belgian Group Brings Forward Hydrogen, LNG Terminal in Germany
German Chancellor Olaf Scholz vowed last month to expand the country's LNG infrastructure, just days after shelving a $11 billion pipeline project to bring Russian gas to Europe. Berlin is also bolstering gas and coal storage, and pushing for a faster rollout of renewables.
The Brunsbuettel terminal will have an annual regasification capacity of 8 billion cubic meters, and the companies plan to eventually upgrade the site to process hydrogen derivatives such as ammonia, which can be produced with renewable-energy sources. The goal is to set up the terminal as “quickly as possible,” according to the statement.
©2022 Bloomberg L.P.
-
Signature Play: The Classic Cocktail Is Dead. Or Is It?
Classic cocktails are disappearing from India's cocktail menus. But they're still being ordered, taught to bartenders and borrowed from. So, who's really having the last drink?
-
A New Samvat Wishlist: Inclusive Prosperity And Human Development
India has strengthened its economic foundations through infrastructure, digital access and enterprise. Its next growth chapter must deepen productivity, create better livelihoods and widen participation in prosperity.
-
Love, Sex Aur Dhokha: The Audacious Plot To Spy On Jensen Huang
A Taipei dinner, a Singapore chip buyer and a suspected Chinese asset: inside the alleged spy operation that got close to NVIDIA's Jensen Huang.
-
Ten Things I Learnt This Samvat
Patience can be a trap. Cheap stocks can stay cheap. Leverage can wipe you out. What did Samvat 2082 teach us? Niraj Shah writes on 10 lessons from the year gone by.
-
Talking Points This Week: Tech Nerves, FII Buying, And A Faraway Banking Shock
The global markets are not shining this Diwali. The exception in the large markets is, India.
-
Midterm Rally Lasted A Day. The Hard Reality Of A Divided US May Last Two Years | Opinion
Between a contested AI boom, a debt ceiling that arrives in 2027 and a president with every incentive to act alone, the next two years may prove more volatile than the first day's rally suggests.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
