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    Wike describes Seyi Makinde as chief architect of PDP problems

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    Weekly Report: Nigerian Exchange sees mixed performance as Cutix Plc emerge top gainer

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    Breaking: President Joe Biden diagnosed with “aggressive” cancer

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    UK tightens visa rules for care workers, skilled workers and students

    UK tightens visa rules for care workers, skilled workers and students

    United States scraps visa dropbox service for Nigerian applicants

    President Donald Trump cancels protection for 500,000 Haitian migrants

    Spain golden visa scheme ends as Portugal and Greece demand increases

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    CBN ends free ATM withdrawals for other banks’customers

    FG increases private university application fee from N5m to N25m

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    United States scraps visa dropbox service for Nigerian applicants

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    Nigeria renews $2 billion currency swap deal with China to boost bilateral trade

    Nigeria renews $2 billion currency swap deal with China to boost bilateral trade

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    The Frontier Fund unit holders to get N17 per unit distribution

    Banks begin to charge taxes on bonds, T-bills as exemption expires

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    Beta Glass Plc announces N2.95 final dividend for 2024 FY

    Fidelity Bank to issue 3.03 billion Ordinary Shares by way of Private Placement

    “Bankruptcy” report – Fidelity Bank Plc clarifies position

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    Weekly Report: Nigerian Exchange sees mixed performance as Cutix Plc emerge top gainer

    Again DMO offers N360 billion FGN bond for February

    DMO offers N300 billion FGN bond for auction in May

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    CSCS Plc explores listing on the Nigerian Exchange (NGX)

    NGX Daily Equities Market Report: Market gains for third consecutive days

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    Bitcoin soars above $21,000 as U.S. dollar sags

    BITCOIN hits $103,000 for the first time

    Bitcoin (BTC) rises above US$90,000 records a new all time high

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    Bitcoin crosses US$60K, approaches All-Time High

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    Alhaji Dahiru Mangal sold his 1.96bn Oando Shares for N11.81bn

    NGX RegCo suspends Trading of Oando Plc shares

    NGX RegCo approves Livingtrust Mortgage Bank’s free float compliance plan

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    Trump wins a resounding victory in first Republican primary in Iowa

    How Donald Trump won the 2024 U.S Presidential Election

    Rovina Medical Diagnostic Services offers free Breast and Prostrate cancer scans

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    Security features of the new naira notes revealed by the CBN

    New hope for Naira fixed income savers?

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    Nigerian Exchange gains 5.37% in Tinubu’s first week, highest for any President since return to Democracy

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

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    Just in: Bandits attack President Buhari’s convoy in Katsina, two injured

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Germany seals gas deal with Qatar, will construct two new LNG terminals

Monday, 21 March 2022, 7:37 am
in News, World
0
Germany seals gas deal with Qatar, will construct two new LNG terminals
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Germany’s bid to reduce its dependence on Russian natural gas may be yielding fruits, as the country reaches a long-term energy partnership with Qatar.

The German economy minister Robert Habeck is on a  two-nation visit to the Arabian Gulf, met with Qatari Emir Sheikh Tamim bin Hamad al-Thani in Doha.

“Although we might still need Russian gas this year, in the future it won’t be so anymore. And this is only the start,”  Habeck said during the meeting.

In a statement, Qatar said that for years it had sought to supply Germany but discussions never led to concrete agreements.

Qatar said it agreed with Germany that “their respective commercial entities would re-engage and progress discussions on long term LNG supplies”.

Also read; We won’t negotiate new gas deal with Russia’s Gazprom – Bulgaria

A spokesperson for the German economics ministry in Berlin on Sunday 20 March 2022, confirmed that a deal had been clinched.

The economy ministry spokesperson said that “the companies that have come to Qatar with Habeck will now enter into contract negotiations with the Qatari side.”

Habeck also met Qatari Minister of State for Energy Affairs Saad Sherida al-Kaabi in Doha, where they discussed energy relations and cooperation between Qatar, one of the world’s top natural gas exporters, and Germany, and ways to enhance them, according to a statement from al-Kaabi.

Germany, Europe’s largest economy, has long relied on Russian energy supplies and has been reluctant to sanction Moscow for its aggressive actions in Eastern Europe.

At the onset of the Russian-Ukrainian war, German chancellor Scholz withdrew approval for the $11 billion Nord Stream 2 gas pipeline, that was to bring natural gas from Russia to Germany.

With Qatar far away in the Middle-East, Germany intends to import LNG via ships, but there are no LNG terminals in Germany to receive these LNG transport ships due to the long-standing reliance on pipeline gas.

A plan to construct two additional LNG terminals for the Qatar LNG has been announced by the German government. These are unlikely to be completed before 2026.

Germany intends to phase out its nuclear power production by the end of this year, leaving observers questioning how Europe’s biggest economy will fulfill all of its energy needs.

Nnamdi Maduakor
Nnamdi Maduakor

Nnamdi Maduakor is a Writer, Investor and Entrepreneur

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