Trump banks on new US supplied LNG terminals
President Trump says that trade talks between the US and EU will result in nine new ports to facilitate supply of American LNG to various parts of Europe.
Reuters reports that the US president was talking during a White House press conference with Italian Prime Minister, Giuseppe Conte.
"We are already talking to the European Union about building anywhere from nine to 11 ports, which they will pay for," said President Trump.
Following recent trade talks between President Trump and Jean Claude Juncker, European Commission President, Trump said that the EU is looking to purchase vast amounts of US LNG to cater for demand and help lower market prices. Europe's gas markets are mostly supplied by Russia at present.
President Juncker has previously said that the EU will need to build more LNG terminals to handle an influx in demand.
But these comments were made before the Trump Administration came into power and the projects under consideration are mostly being handled by private companies.
The EU has confirmed that bilateral talks have helped earmark €278 million in funding for LNG import projects in Croatia, Greece and Cyprus.
It is supporting 14 LNG infrastructure projects in total which could increase import capacity by 15 billion cubic meters (Bcm) of gas by 2021, compared to the continent’s existing 210 Bcm LNG import capacity.
But, the 14 infrastructure projects are not all LNG import terminals, some are pipelines linking terminals to inland centres of demand.
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