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Exxon Signs Up For Germany LNG Project

Exxon has inked a preliminary agreement with Germany Uniper for future LNG supplies to a new import terminal in Wilhelmshaven, Reuters reports, citing the German company.

The Wilhelmshaven project is Germany’s first LNG terminal. It will consist of floating storage and regasification facilities and has already attracted the interest of several LNG suppliers, including the United States and Qatar. It will have a capacity of 10 billion cu m of natural gas annually.

Exxon has signed up for a portion of the regasification capacity at Wilhelmshaven.

“The heads of agreement (a non-binding draft) is an important step towards the realisation of the Wilhelmshaven floating storage and regasification (FSRU) project,” Reuters quoted Uniper’s chief commercial officer, Keith Martin, as saying. The official added that “The FSRU will provide LNG companies from the United States, but also other countries from around the world, with the opportunity to deliver LNG into the German and European markets.”

The project will be financed and operated by Japanese Mitsui OSK Lines, which Uniper contracted for the job last December.

The German energy major is at the same time member of the consortium building the Nord Stream 2 pipeline from Russia, which has caused opposition from the Baltic States and Poland, along with Ukraine on the grounds more Russian gas coming into Europe will strengthen Moscow’s political influence on the continent.

Washington officials have been vocal in their opposition as well, citing European national security concerns, but their stance has been perceived by some in European governments as a means of securing markets for growing U.S. LNG supply.

Exxon is one of the biggest players in this field, with stakes in various projects whose total capacity amounts to more than 65 million tons of the fuel that is growing increasingly popular, not just in Europe but in Asia as well.

By Irina Slav for Oilprice.com

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