Feb 18 - Chief Minister Welcomes EU’s Recognition Of Importance Of LNG
The Chief Minister, Fabian Picardo, has said that he welcomes the EU’s recognition of the importance of LNG.
This follows the publication of a fact sheet in which the EU said that one of its key objectives is to ensure all member states have access to liquid gas markets and diversified sources of supply.
The fact sheet details what LNG is and why it is important for the EU’s security of supply, saying that its members are, jointly, the biggest importers of natural gas in the world, and diversification of supply sources is paramount both for energy security and competitiveness.
In order to improve the access of all Member States to LNG and storage as an alternative source of gas, the EU says it will need to:
• build the necessary infrastructure to complete the internal market, allowing all Member States to access international LNG markets, either directly or via other Member States.
• complete the internal gas market so that it sends the right price signals — to attract LNG to where it is needed and to facilitate necessary infrastructure investments;
• use storage facilities more efficiently. The Commission says it will improve the operational rules on the cross-border use of storage. The EU says it is also important that Member States optimise the use of gas storage across borders by creating regional preventive action and emergency plans.
• work closely with international partners, to promote free, liquid and transparent global LNG markets. This means engaging with current and future suppliers and with other major consuming countries to ensure that LNG can be traded freely on global markets, both under normal market conditions and in the event of external shocks.
The Chief Minister, Fabian Picardo, said: “I welcome the EU’s recognition of the importance of LNG and its support for Europe-wide LNG projects. Every word of this factsheet is totally consistent with our plans for the production of power for Gibraltar.”
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