Canada signs landmark LNG energy deal with Germany

Canada signs landmark LNG energy deal with Germany10 hours agoShareSaveAdd as preferred on GoogleNadine YousifSenior Canada reporterBloomberg via Getty ImagesThe deal would see one million tons of Liquified Natural Gas (LNG) exported annually from British Columbia to Germany. Canada has announced a landmark energy agreement with Germany that will see the first-ever long-term shipments of liquified natural gas (LNG) from Canada to Europe in the coming years.It comes as European nations search for new reliable energy sources and as Canada seeks to diversify trade away from the US.The deal was announced on Wednesday in Vancouver by Canada's energy minister, Tim Hodgson, who called it "an exciting and important milestone".It involves the shipping of one million tons per year of LNG from Ksi Lisims, a proposed project on British Columbia's coast, to Germany by its national energy utility company Securing Energy for Europe (SEFE).The deal with SEFE will see annual LNG exports from Canada to Germany for up to 20 years, beginning in the early 2030s. For Canada, it is a major step towards trade diversification away from the US. In 2024, virtually all of Canada's LNG exports went to the US, according to data by Canada's energy regulator. Hodgson said the agreement is a sign that Canada can fill a gap in the global energy supply left after Russia's invasion of Ukraine, and more recently the ongoing war in Iran. He touted Canada's "reliable democracy" and its access to rich natural resources. LISTEN: Can Canada become an energy superpower?The agreement with Germany is a major milestone for the Pacific coast Ksi Lisims LNG project in northwest British Columbia, which is still awaiting a final investment decision.Hodgson said he believes the new commitment will help secure those funds "in a matter of months" and that construction on the project will begin shortly after. Canadian Prime Minister Mark Carney has highlighted...