Germany is fast-tracking new import terminals in order to reduce its dependence on Russian fuel, aiming to become an LNG powerhouse within a year.
According to Bloomberg the government will announce legislation cutting the approval process for such facilities to a 10th of the usual timeframe. It specifically plans four floating terminals, allowing it to replace at least 70% of Russian gas imports and marking a significant u-turn in energy policy.
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Commenting on Germany’s plans, Economy Minister Robert Habeck said that it is very possible for Germany to achieve building an LNG terminal within about 10 months and connecting it to the German gas supply.
Lately, European Union gas importers want to find alternative shipments, as they break ties with Russia. Germany received more than half of its supply from Russia in 2021, while deliveries into the four planned terminals would cover about a third of its annual consumption.
However, that was not always the case for Germany as in the past it has snubbed American LNG, citing problems due to lengthy bureaucracy. This changes as Russia’s invasion of Ukraine has caused problems worldwide.
Now, with fewer hurdles to overcome, the four planned floating terminals, could be installed by next spring. The floating terminals would put Germany ahead of the UK in LNG import capacity, and behind only Spain in the EU.
The goal for the country is to reduce the share of Russian gas it imports to 10% by mid-2024, from 35% currently and more than 50% before the invasion.
