Germany secures natural gas deal with the UAE as Berlin rushes to replace Russian supply before winter
Germany signed a natural gas deal with the United Arab Emirates on Sunday, as the European country scrambles to find alternatives to cut-off Russian energy imports before winter kicks in.
Under the deal, German utility giant RWE will get liquefied natural gas from the Abu Dhabi National Oil Co. delivered to its new floating gas terminal near Hamburg. The shipment of 137,000 cubic meters of LNG is expected to arrive by the end of December, RWE said.
Germany has been racing to secure energy imports from nations other than Russia as Moscow slashes its gas flows to the region in response to Western sanctions over the Ukraine war. The cutbacks in supply have sent European natural gas prices soaring more than 300% this year and have forced Germany to turn to alternative and cheaper sources of fuel, like coal.
"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," German chancellor Olaf Scholz said on his weekend visit to the UAE, per Reuters.
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