G7 advocates flexible LNG contracts

G7 advocates flexible LNG contractsImage courtesy of mise.gov.it

The G7 energy ministerial meeting held in Rome under the Italian presidency called for greater flexibility of commercial clauses in liquefied natural gas (LNG) supply contracts. 

The energy ministers of Canada, France, Germany, Italy, Japan, the United Kingdom, the secretary of energy of the United States of America, and the European Commissioner for climate action and energy, stressed that LNG contracts should include relaxed destination clauses and similar restrictive mechanisms.

The ministers welcomed the opening of new pipeline interconnections, new gas supply corridors, and the start of new and future LNG exports, with the aim of increasing market liquidity and diversity, and the management of disruption and emergencies, the joint statement reads.

They also discussed the important role of storage as a component to a secure gas system.

In addition to seeking additional flexibility in LNG contracts, ministers called for the increase of alternative fuels in transport.

They discussed enabling conditions and frameworks to promote a comprehensive innovation strategy for increasing sustainable and advanced low- and zero-emission fuels, such as CNG, LNG, and electricity across all modes and uses of transport, according to the statement.

Although no joint statement on climate change has not been signed, Italian economic development minister Carlo Calenda, in a brief social media comment said the discussion was “fruitful and constructive.”

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