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Gas, from Qatar to Germany 2.8 billion cubic meters a year for 15 years

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Gas, from Qatar to Germany 2.8 billion cubic meters a year for 15 years

Qatar and Germany have signed a 15-year deal for a supply of liquefied natural gas. The deal involves both Qatar Energythe state-owned company, either ConocoPhillips, which has stakes in Qatar’s offshore natural gas field in the Persian Gulf. There Germaniawhich was a major importer of Russian gas before the war, receives no gas from Russia from the end of August.

The agreement provides for the sale of 2 million tons of LNG annually, an amount equivalent to 2.8 billion cubic meters of gas, equal to approximately one third of the capacity of the Brunsbuettel terminal, which will be completed in 2026 and intended to receive the supply.

Small but important share

This contract alone replaces about 6% of Russian gas shipments in 2021, equal to 46 bcm of gas (Germany consumed about 88 bcm of gas overall). However, the signing is significant as the global LNG market is increasingly competitive, with Europe forced to compete for cargoes with Asia during the winter.

Germany has been one of the European nations hardest hit by the reduction in gas supplies from Moscow. The nation, which used to get more than half of its gas through pipelines from Russia, has leased five floating LNG terminals it will rely on in the future.

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The satisfaction of the Vice-Chancellor

The Vice Chancellor Robert Habeck he said he was very satisfied with the agreement reached on liquid gas with Qatar. “Fifteen is super,” he said, speaking at the Industry conference in Berlin. The Minister of Economy and Climate said that even a longer contract could have been made, but Germany wants to become climate neutral by 2045, he reminded him, and the use of gas will be progressively decreased. Habeck had been to Qatar in March.

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