European Union is targeting increase in liquefied natural gas imports, exploiting its diversification potential.
According to Reuters, a draft document seen by the news agency reveals that the commission is preparing a strategy for LNG imports and gas storage, a part of its attempts to create a single market based on cooperation and source diversification across the union.
The document also addresses the shareholder’s agreement signed by Gazprom and its partners to construct the Nord Stream II pipeline, claiming it opposes the European regulatory framework.
The commission questions the necessity of such a project that would bypass the traditional transit state, Ukraine and reinforce Gazprom’s position in the German market, according to the report.
Although, Russian gas is priced lower than LNG, it is believed that the later gives certain leverage to the European Union in new contract negotiations, cutting on its dependence on Russian gas.
LNG World News Staff; Image: Enagas