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Released August 06, 2018 | GALWAY, IRELAND
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Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland)--Europe has committed to importing more liquefied natural gas (LNG) from the U.S. following a positive trade meeting between European Commission (EC) President Jean-Claude Juncker and President Donald Trump.
The commitment to boost natural gas trade came as part of talks to end the ongoing trade war between Europe and the U.S. sparked by the U.S. imposing a 25% tariff on European and Canadian steel and a 10% tariff on aluminium. In response, the EC announced in June import duties of 25% on a wide range of U.S. exports, ranging from whiskey and tobacco to motorcycles, clothing, steel and foodstuffs.
"We agreed today, first of all, to work together toward zero tariffs, zero non-tariff barriers, and zero subsidies on non-auto industrial goods," Juncker said after the meeting. "We will also work to reduce barriers and increase trade in services, chemicals, pharmaceuticals, medical products, as well as soybeans. Secondly, we agreed today to strengthen our strategic cooperation with respect to energy. The European Union wants to import more liquefied natural gas from the United States to diversify its energy supply. We also want to resolve the steel and aluminium tariff issues and retaliatory tariffs."
Trump commented: "We agreed to a strengthened and strengthening of our strategic cooperation with respect to energy. The European Union (EU) wants to import more liquefied natural gas, LNG, from the United States and they're going to be a very, very big buyer. We're going to make it much easier for them, but they're going to be a massive buyer of LNG."
LNG imports in Europe were up in 2017 by 7.5 million tonnes, or 19.5%, due to increased demand from southern Europe and hot weather. Southern European countries including France, Greece, Italy, Portugal, Spain and Turkey saw an increase of imports to terminals of 9.1 million tonnes, according to a recent report from the International Group of LNG Importers. Although 2017 was strong, Europe's share of global LNG imports has almost nearly halved, down from 29.4% in 2010 to 15.9% in 2017, thanks in part to weak demand. Roughly 15% of Europe's imports came from the U.S. in 2017. There are major LNG expansion projects in the pipeline in Greece and Belgium. Industrial Info reported last week on a consortium of three European energy companies signing contracts on a 535 million-euro ($626 million) deal to privatise DESFA, the operator of Greece's gas grid and the country's only LNG terminal. A 95,000-cubic-metre LNG storage tank is planned for the existing Revithoussa terminal. For additional information, see July 30, 2018, article - European Consortium Signs $626 Million Deal to Privatise Greek Gas Grid.
The country's natural gas company, DEPA and international partners are working to construct a floating storage and regasification Unit (FSRU) at Alexandroupolis, on the northern coast of the country. In Belgium, Fluxys (Brussels, Belgium) is constructing a 180,000-cubic-metre fifth storage tank at the Zeebrugge terminal. Industrial Info is tracking all three projects.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Our European headquarters are located in Galway, Ireland. Follow IIR Europe on: Facebook - Twitter - LinkedIn For more information on our European coverage send inquiries to info@industrialinfo.eu or visit us online at Industrial Info Europe.
The commitment to boost natural gas trade came as part of talks to end the ongoing trade war between Europe and the U.S. sparked by the U.S. imposing a 25% tariff on European and Canadian steel and a 10% tariff on aluminium. In response, the EC announced in June import duties of 25% on a wide range of U.S. exports, ranging from whiskey and tobacco to motorcycles, clothing, steel and foodstuffs.
"We agreed today, first of all, to work together toward zero tariffs, zero non-tariff barriers, and zero subsidies on non-auto industrial goods," Juncker said after the meeting. "We will also work to reduce barriers and increase trade in services, chemicals, pharmaceuticals, medical products, as well as soybeans. Secondly, we agreed today to strengthen our strategic cooperation with respect to energy. The European Union wants to import more liquefied natural gas from the United States to diversify its energy supply. We also want to resolve the steel and aluminium tariff issues and retaliatory tariffs."
Trump commented: "We agreed to a strengthened and strengthening of our strategic cooperation with respect to energy. The European Union (EU) wants to import more liquefied natural gas, LNG, from the United States and they're going to be a very, very big buyer. We're going to make it much easier for them, but they're going to be a massive buyer of LNG."
LNG imports in Europe were up in 2017 by 7.5 million tonnes, or 19.5%, due to increased demand from southern Europe and hot weather. Southern European countries including France, Greece, Italy, Portugal, Spain and Turkey saw an increase of imports to terminals of 9.1 million tonnes, according to a recent report from the International Group of LNG Importers. Although 2017 was strong, Europe's share of global LNG imports has almost nearly halved, down from 29.4% in 2010 to 15.9% in 2017, thanks in part to weak demand. Roughly 15% of Europe's imports came from the U.S. in 2017. There are major LNG expansion projects in the pipeline in Greece and Belgium. Industrial Info reported last week on a consortium of three European energy companies signing contracts on a 535 million-euro ($626 million) deal to privatise DESFA, the operator of Greece's gas grid and the country's only LNG terminal. A 95,000-cubic-metre LNG storage tank is planned for the existing Revithoussa terminal. For additional information, see July 30, 2018, article - European Consortium Signs $626 Million Deal to Privatise Greek Gas Grid.
The country's natural gas company, DEPA and international partners are working to construct a floating storage and regasification Unit (FSRU) at Alexandroupolis, on the northern coast of the country. In Belgium, Fluxys (Brussels, Belgium) is constructing a 180,000-cubic-metre fifth storage tank at the Zeebrugge terminal. Industrial Info is tracking all three projects.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Our European headquarters are located in Galway, Ireland. Follow IIR Europe on: Facebook - Twitter - LinkedIn For more information on our European coverage send inquiries to info@industrialinfo.eu or visit us online at Industrial Info Europe.
