Business

US to sell energy to Europe in bid to cut Russian gas

America will promote pure gasoline to the European Union as a part of an total plan to chop the continent’s dependence on Russian vitality within the wake of Moscow’s invasion of Ukraine, President Biden mentioned Friday.

The US will ship 15 billion cubic meters of liquefied pure gasoline to EU markets this yr. The 2 entities additionally introduced a joint process power that can work to scale back Europe’s reliance on Russian fossil fuels.

“Right now we’ve agreed on a joint sport plan for that aim, whereas accelerating our progress in direction of a safe, clear vitality future,” Biden informed a information convention in Brussels on Friday.

Biden added that the initiative would additionally search to maximise using renewable vitality and cut back vitality demand.

The European Fee may even work with EU nations to make sure they’re able to obtain about 50 bcm of extra liquefied pure gasoline till no less than 2030, a factsheet offered by the White Home mentioned.

The announcement coincided with the German authorities’s pledge to stop all purchases of Russian oil and coal by the top of this yr and fully halt all imports of Russian vitality by mid-2024.

The EU is in search of to finish its dependence on Russian vitality within the wake of the Russian invasion of Ukraine.
AFP by way of Getty Photos

German Economic system Minister Robert Habeck certified the announcement by stating that Berlin doesn’t assist an instantaneous embargo on Russian vitality because of the extreme harm it could trigger to the European financial system within the brief time period.

“In latest weeks, now we have made intensive efforts along with all related gamers to import fewer fossil fuels from Russia and to place provide on a broader footing,” Habeck mentioned.

“The primary essential milestones have been reached with a purpose to free ourselves from the grip of Russian imports.”

Germany, which has few pure assets of its personal, buys half of its gasoline and coal from Russia. A 3rd of Germany’s oil is imported from Russia.

US crude hovered at simply north of $111 per barrel on Friday whereas Brent crude stood at $115.50 a barrel.

With Submit wires

Show More

Related Articles

Back to top button