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Britain to strike major LNG deal
The Prime Minister is expected to report details of a new deal with the US which could see the UK receive billions of cubic meters of liquefied natural gas (LNG) as part of a major deal between the two countries.
Talks between the two parties are described as being in their “final stages” on the new “energy security partnership” and details will likely be released following the end of COP27.
It is understood the UK hopes to import 10 billion cubic meters (bcm) of LNG to improve it’s energy security following warnings from the National Grid over potential blackouts at peak times if there should be problems with European imports.
This follows President Biden’s commitment during the early stages of the invasion of Ukraine to help the UK/EU, which was something the market was initially skeptical about him delivering. However, the US has reportedly exported 12bcm during 2021, and this year thus far have shipped in excess of 50bcm to the UK/EU.
Alan Dodd CEO of GET Solutions said “a direct contract for a committed volume will add a great deal of resilience which is badly needed at the moment”.
Head of Procurement and Risk Strategies at GET Solutions Victor Levison also stated “whilst this is welcomed news and will have a positive impact, it isn’t going to solve the energy crisis alone. We urge the UK Government to take more action, including a campaign to help raise public awareness about how the cost of energy is determined as this will help bring down energy costs and inflation.”
Source: Energy Live News
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