German utility company RWE has signed a deal with Abu Dhabi National Oil Company (ADNOC) to deliver liquefied natural gas (LNG) to Europe’s largest economy.
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.
ADNOC further reserved an unspecified number of LNG cargoes for Germany in 2023.
Germany’s two new planned floating LNG terminals will eventually be able to receive up to 12.5 billion cubic meters of LNG a year, equivalent to about 13 percent of the country’s gas consumption in 2021.
German officials hope an array of deals, like the one struck with Abu Dhabi for LNG, will help take the edge off skyrocketing energy prices.
ADNOC has also agreed to sell ammonia to German companies, including Steag and Aurubis.
The UAE renewable energy company Masdar will explore offshore wind energy development off the German coast.