Dow to secure European supplies with minority stake in German energy hub

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April 11 (Reuters)Dow Inc. DOWN will take a minority stake in a consortium building a liquefied natural gas (LNG) import terminal in Germany as the chemical company tries to diversify its energy supplies following the Russian invasion of Ukraine.

The investment in the Hanseatic Energy Hub GmbH comes after the Biden administration pledged to supply 15 billion cubic meters of LNG to the European Union this year following the invasion.

The import terminal has a projected regasification capacity of 13.3 billion cubic meters (bcm) of natural gas per year and would meet up to 15% of Germany’s natural gas demand, Dow said in a statement. statement on Monday.

The terminal would also allow the United States to reach nearly 25% of its goal of exporting 50 billion m3 of natural gas per year to Europe by 2030, he said.

The project is subject to a final investment decision, which is expected by 2023.

(Reporting by Rithika Krishna in Bengaluru; Editing by Aditya Soni)

((Rithika.Krishna@thomsonreuters.com; Twitter: https://twitter.com/rithika_krishna;))

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James R. Rhodes