UNPRF - Germany signs MoU with RWE Uniper for two floating LNG terminals

Germany's government struck a deal Tuesday with RWE ( OTCPK:RWEOY ) and Uniper ( OTC:UNPPY )  to import liquefied natural gas through two new floating LNG terminals to help ease a supply crunch that is crippling the economy.

Economy Minister Robert Habeck said the two planned floating storage and regasification units in Wilhelmshaven and Brunsbuettel will be fully supplied from their expected operational start this winter until March 2024 .

Through the two FSRUs, Germany will be able to import up to 12.5B cm/year of LNG, or ~13% of the country's total natural gas demand in 2021, according to Reuters, citing the Enerdata research firm.

Germany does not yet have import facilities of its own, and it has depended on neighboring countries to buy the LNG, but European terminals are operating close to maximum capacity since Russia cut flows to the region

The Nord Stream 1 pipeline usually supplies 55B cm/year to Europe but it is currently running at just 20% of capacity .

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