A major deal on liquified natural gas, is about to be signed by the US and the EU in order to reduce Europe’s reliance on Russian energy.
By the end of the year, it is expected that the agreement will see the US provide the EU with at least 15 billion additional cubic metres of the fuel which is well known as LNG.
There is a plan by the bloc to cut the gas of Russia who currently supplies about 40% of the EU’s gas needs, as it is in response to Russia’s invasion of Ukraine.
Based on the plan, the reason for this move will be to increase imports and generate more renewable energy.
The longer-term aim is to ensure, until at least 2030, about 50 billion cubic metres per year of US gas, up from last year’s 22 billion cubic metres.
The deal was announced on Friday during a three-day visit by US President Joe Biden to Brussels, CNN reports.
Russia’s invasion of Ukraine and a promise to offer fresh support to Kyiv was the major topic Mr Biden and European Commission President, Ursula von der Leyen discussed.
In reaction to the situation in Ukraine, Mr Biden spoke to reporters in Brussels. He said, “Putin is using Russia’s energy resources to coerce and manipulate its neighbours,” “He’s used the profits to drive his war machine.”
Speaking further, he said the long-term benefits of the deal would outweigh the short term pain that reducing Russian gas supplies would cause.
“I know that eliminating Russian gas will have costs for Europe, but it’s not only the right thing to do from a moral standpoint, it’s going to put us on a much stronger strategic footing.”
“We want, as Europeans, to diversify away from Russia towards suppliers that we trust that are friends and that are reliable,” von der Leyen said.
