Germany and Canada are discussing options for exporting LNG terminals on Canada's east coast to Europe, German authorities
Article authors:
Bloomberg News
Brian Platt and Michael Nienaber
(Bloomberg) — German Chancellor Olaf Scholz is Canada Taking advantage of talks with people, Prime Minister Justin Trudeau promotes closer energy ties as his ruling coalition in Berlin competes to find an alternative to Russian fossil fuels.
Germany imports liquefied natural gas from Canada to replace Russian gas, which accounts for more than one-third of imports, from about half before the invasion of Ukraine. I hope that. Germany and Canada are discussing options for exporting LNG terminals on Canada's east coast to Europe, German officials said.
Bystanders of the Group of Seven Summit in Bayern on Monday, Schortz and Trudeau, how to maintain pressure on President Vladimir Putin and reduce his dependence on Russia for energy Discussed about. "The two countries will cooperate more than ever," Schloss said, standing next to Trudeau before the meeting at Schloss Elmau.
Schortz will visit Trudeau, Canada in late August, and German officials hope that both countries will be able to announce LNG trading by then.
The agreement cannot be realized fast enough for Europe's largest economy. The Schortz administration warned last week that recent Russian moves to cut Europe's gas supply could cause the energy market to collapse.
Minister of Economy Robert Habeck has raised the country's gas risk level to the second highest "warning" stage and called for the role of Lehman Brothers to trigger the financial crisis. "Germany is in jeopardy due to lower gas flow in Russia," Maeva Cousin, Eurozone economist at Bloomberg Economics, said in a memo released Monday. “Whether this turns into a full-blown energy crisis may depend on how aggressively European partners spread the pain.”
Canada is the world's largest producer of natural gas. Although it is one of the countries, there is no export infrastructure on the east coast. Construction of a new LNG terminal can take 10 years to go through the regulatory process and face fierce opposition from environmental groups.
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The G7 leader heard from Zelensky. This year's
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Pierre Poirievre is a $ 14 billion Quebec LNG project that collapsed last year.
However, there is an import terminal owned by the Spanish company Repsol SA, which can be converted to an export terminal relatively quickly. increase. If the company decides to continue, Canada's Minister of Natural Resources Jonathan Wilkinson said the terminal could begin transporting gas in three to four years.
"We are interested in trying to help our German friends and the Germans are urging us to do what we can," Wilkinson told Bloomberg in an interview last week.
But he added: "The Government of Canada will never announce a decision on this project. It must be the private sector that actually invests billions of dollars to do this."
Both countries Another concern is that signing a long-term contract for natural gas can undermine its commitment to transition from fossil fuels. Canada states that the new LNG terminal has low emissions and needs to be able to export hydrogen in the future.
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