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

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.