The Netherlands will participate in new LNG terminal in Germany
The Netherlands is working with Germany on a new terminal for liquefied natural gas (LNG) near Hamburg. Finance Minister Sigrid Kaag said she hopes the terminal will help secure the European gas supply, among other things.
A letter of intent about the collaboration between the two countries was signed on Friday. Kaag called the development of the terminal "a good step in reducing dependence on imports of gas from Russia.”
The terminal, in Brunsbüttel at the mouth of the Elbe, will be operated by Gasunie after construction. Tank storage company Vopak was also previously involved in the terminal, but that party is now withdrawing, along with the German Oiltanking. In addition to Gasunie, which is wholly owned by the state, the German Kreditanstal für Wiederaufbau (KfW) is investing money in the terminal. Energy company RWE is also involved in the development.
The terminal is being designed to be made suitable for importing hydrogen and derived substances such as ammonia in addition to LNG. It must also be prepared for the energy transition.
Gas prices shot up by more than 30 percent on the leading Amsterdam stock exchange after Russia’s invasion of Ukraine. Europe currently depends on Russia for more than a third of its natural gas supply.
Reporting by ANP.