Germany signed a natural gas deal with the United Arab Emirates on Sunday, as the European country scrambles to find alternatives to cut off Russian energy imports.
RWE will receive natural gas from the Abu Dhabi National Oil Co. in order to build a floating gas terminal. The shipment is expected to arrive by the end of the month.
Germany has been racing to secure energy imports from nations other than Russia as Moscow reduces gas supplies to the region in response to Western sanctions. Natural gas prices in Europe have gone up more than 300% this year and have forced Germany to use coal as a fuel.
RWE said that the agreement marks an important milestone in building up an Liquefied Natural Gas supply in Germany.
The Abu Dhabi National Oil Co. made a long-term commitment to deliver Liquefied Natural Gas to Germany over the course of a multiyear period.
European countries are turning to high-tech floating terminals to help with their energy crisis. Uniper has invested $65 million in Germany's five floating storage and regasification units.
Germany is not the only country that has approached other suppliers. RWE and Uniper are close to an agreement on long-term deals to buy gas fromQatar, but those deliveries wouldn't start until 2026.
The Dutch TTF futures, Europe's benchmark natural gas price, was last down 6.2% to 173.99 euros per megawatt hour on Monday.
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