EU Leaders to Agree to Jointly Buy Gas, LNG This Year

The invasion of Ukraine by Russia, Europe’s top gas supplier, has caused energy prices to soar to record highs and put the EU on a mission to cut Russian gas use this year—a move that will require a jump in imports from other suppliers.

Kate Abnett, Reuters

Leaders from EU countries will agree at a summit this week to jointly purchase gas, LNG and hydrogen ahead of next winter, according to a draft of their summit statement.

The invasion of Ukraine by Russia, Europe’s top gas supplier, has caused energy prices to soar to record highs and put the EU on a mission to cut Russian gas use this year—a move that will require a jump in imports from other suppliers, such as Qatar and the U.S.

“With a view to next winter, Member States and the Commission will urgently... work together on the joint purchase of gas, LNG and hydrogen,” EU leaders will say following a summit on March 24-25, according to a draft summit statement seen by Reuters.

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