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Chemical big Dow has agreed to amass a minority stake within the Hanseatic Power Hub (HEH), a consortium setting up a liquefied pure fuel (LNG) import terminal in Germany, amid efforts by Europe to scale back its reliance on Russian power provides.
The stake acquisition in HEH follows the Biden Administration’s resolution to provide 15 billion cubic metres (bcm) of LNG this 12 months to the European Union after Russia attacked Ukraine.
Dow expects the deal to permit the US to satisfy almost 25% of its aim to export 50bcm of pure fuel yearly to Europe by 2030.
The consortium, which includes Dow, Fluxys, Companions Group, and Buss Group, plans to construct the zero-carbon emission terminal at Dow’s industrial park in Stade, Germany.
Anticipated to have a regasification capability of 13.3bcm of pure fuel per 12 months, the import terminal would account for as much as 15% of Germany’s present pure fuel demand.
Deliberate to be commissioned by 2026, the import terminal is topic to a remaining funding resolution, which is predicted by 2023.
Dow Europe, Center East, Africa, and India president Neil Carr stated: “This collaboration to assemble an LNG import terminal in Germany takes a significant step in enabling a secure, cost-effective, and sustainable provide of power to Europe.
“For Dow, this permits us to make a major contribution to reworking the power provide in Germany in assist of its 2045 local weather targets whereas rising the competitiveness of Stade, a website essential for serving Dow prospects all through Europe.”
Dow stated it’ll contribute land for the development of the proposed import terminal, in addition to infrastructure providers.
The brand new terminal would assist Germany in diversifying its demand for imported, inexpensive power whereas contributing to a safe and sustainable power provide.
Dow Germany, Austria, and Switzerland president and common supervisor Katja Wodjereck stated: “The deliberate import terminal for liquefied gases is a crucial bridging expertise and constructing block for the German power transition.
“The liquefied pure fuel terminal is being designed from the outset in order that it may well increase capability for LNG and doubtlessly settle for different liquefied gases sooner or later. This helps Germany’s federal goal of reaching net-zero emissions by 2045 whereas enhancing the competitiveness of Stade as an industrial location.”
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