G7 consults on alternatives to Russian gas
Source: Deutsche Welle
A special meeting of G7 energy ministers is under way in Rome. Ministers from Germany, USA, Canada, Italy, UK, France, and Japan are meeting to discuss how to reduce Europe's dependence on Russian gas imports.
Until recently, the G7 was the G8 - Russia was the eighth member. But Russia was suspended from the group in light of the geopolitical tussle over Ukraine. Now G7 nations are looking for ways to reduce Russia's economic leverage over Europe, which relies on Russia for about a third of its gas supplies.
USA and Canada have offered to provide Europe with supplies of LNG, or liquefied natural gas, as an alternative. But LNG is more expensive than pipeline gas - and there are other difficulties with the LNG option as well.
Supplying Europe with significant volumes of LNG would require massive investments in LNG tanker ports and years of construction time. And it is unclear whether North American supplies of natural gas, even given the fracking boom, would suffice to replace Russian gas over the long term.
http://www.dw.de/g7-consults-on-alternatives-to-russian-gas/a-17614506
Read more: http://www.dw.de/g7-consults-on-alternatives-to-russian-gas/a-17614506
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