Germany will release a $ 1.5 billion emergency package to buy the fastest possible liquefied natural gas (LNG) to secure its energy supply amid the war in Ukraine, the economy and climate ministry said today.
The government commissioned a private company to carry out the transaction. “It is now up to the latter to decide where to buy the liquefied gas, but this will be done very soon,” said a ministry spokesman.
Germany imports more than half (55%) of its gas from Russia, a dependency that it says it wants to reduce as soon as possible.
International sanctions on Russia in retaliation for the invasion of Ukraine are increasingly isolating the country from international trade, but Westerners have exempted Russian gas supplies from the sanctions in order not to hurt them. their own economies.
Because of these exceptions, Russia “has no excuse to stop supplying gas, coal or oil,” German Finance Minister Christian Lindner said on Tuesday, but warned that “we must prepare for this scenario” of unrest. supply.
As Germany’s gas reserves plummet this winter, the government says the country is forced to speed up its plans to diversify its energy resources and move to renewables.
The country mainly intends to build methane terminals in order to import liquefied natural gas by sea, infrastructure which it does not have now and which will take several years to complete.
LNG terminals will allow the import of natural gas by sea, thanks to a liquefaction process that ensures better transportability.
SOURCE: AMPE
Source: Capital
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