ExxonMobil (NYSE:XOM) is forecasting that the European Union will enter into multi-decade natural gas contracts with the United States, aligning with its broader commitment to purchase American energy, according to a report in the Financial Times on Wednesday.
In July, the EU pledged to acquire $750 billion worth of U.S. energy by 2028 as part of a wide-ranging trade deal with Washington.
Peter Clarke, senior vice president of Exxon’s liquefied natural gas (LNG) division, told the Financial Times that Europe’s expanding LNG infrastructure makes it “logical” for the region to pursue longer-term supply agreements.
He highlighted that Exxon already channels roughly 80% of its LNG sales through long-term contracts.
Clarke described Europe as “the most important market” for U.S. LNG exports and added that the next step will be for the continent “to figure out how it supports long-term contracting,” the newspaper reported.
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