After soybeans, EU touts US LNG imports to woo Trump on trade
The European Union said it was delivering on a deal with U.S. President Donald Trump to buy more U.S. liquefied natural gas (LNG) on Thursday but called on Washington to do more to make its prices competitive.
"But the U.S. needs to play its role in doing away with red tape restrictions," he said, referring to U.S. rules that require regulatory approval for LNG exports to Europe.
In 2017, Europe accounted for more than 10 percent of total U.S. LNG exports, up from 5 percent in 2016, it said. Spain, France, and Italy are the largest of nine EU member states purchasing U.S. gas.
The EU's decision to publish historic trade data is unusual - part of the bloc's drive to sway Trump by showing tariff-free trade flows can benefit the United States.
Earlier this month, the European Commission published data showing a surge in U.S. soybean imports so far this year as buyers responded to plunging prices after China largely stopped buying U.S. soybeans in a tit-for-tat trade row.
"Both sides have much to gain by working together," Juncker added.
However, three-quarters of Europe's existing import facilities lie empty while demand for U.S. LNG on the continent remains limited.
The most lucrative markets for U.S. LNG are in South and Central America, India and the Far East, with Europe near the bottom of the pile given its relatively low prices and ample supplies of gas via pipelines from Russia and Norway.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)