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Germany Seals Milestone LNG Deal With The UAE

The United Arab Emirates agreed to an LNG supply deal with Germany’s RWE during Chancellor Olaf Scholz’s visit to the Gulf.

The deal only covers one tanker of LNG, or 137,000 cubic meters, to be delivered later this year for trials at a floating LNG import terminal that is currently being constructed in Germany. According to the Financial Times, which cited unnamed sources, there are plans for five more LNG shipments to be sent by Emirati ADNOC to RWE in 2023.

“We need to make sure that the production of LNG in the world is advanced to the point where the high demand that exists can be met without having to resort to the production capacity that exists in Russia,” Scholz said.

This would take a lot of effort on a global scale and that effort would take a lot of time, which Germany does not really have. And while the deal between ADNOC and RWE was hailed as a milestone, the actual amount to be delivered is minuscule compared with Germany’s gas needs. Up until this year, Russia supplied more than half of the gas Germany consumed on an annual basis.

Chancellor Scholz also traveled to Qatar, which has a provisional agreement to supply German companies with gas but it has not progressed beyond the provisional stage because Qatar wants a long-term commitment and Germany was, at least earlier this year, reluctant to make one in light of its renewable energy ambitions. The German chancellor left Qatar without the announcement of a final deal, suggesting differences of opinion on the terms of a deal remained.

Besides liquefied natural gas, UAE’s ADNOC also sealed a deal to supply diesel to Germany and the first shipment has already arrived, the FT noted. The deal is for the supply of 250,000 tons of diesel per month over 2023.

By Irina Slav for Oilprice.com

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