Canada – Tourmaline, one of the largest natural gas producers in North America, announced the signing of a ten-year long-term contract to supply gas to European markets. This move comes as the continent seeks to secure its energy needs and reduce its over-reliance on Russian sources.
The company explained in an official statement that the new agreement includes the regular supply of liquefied natural gas (LNG) to several European countries via ports on the Atlantic Ocean. It added that the contract will take effect at the beginning of next year and aims to ensure stable supplies amidst global energy market volatility.
Tourmaline officials indicated that the deal represents a “strategic shift” in the company’s focus on international markets. This comes particularly after a surge in European demand for liquefied natural gas (LNG) due to the war in Ukraine and declining Russian supplies.
European sources welcomed the agreement, considering it an important step towards “diversifying energy sources and enhancing security of supply.” They affirmed that Europe aims to reduce its dependence on Russian gas by 2030 through partnerships with countries and companies from North America, the Middle East, and Africa.
This deal is part of a wave of long-term contracts through which Europe seeks to ensure stable supplies in the face of market volatility and the challenges of the transition to clean energy.
