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Investing.com -- ExxonMobil expects the European Union to enter into multi-decade contracts for U.S. natural gas as part of the EU’s commitment to purchase American energy, according to a Financial Times report published Wednesday.
The EU pledged in July to buy $750 billion worth of U.S. energy by 2028 as part of a comprehensive trade agreement with Washington.
Peter Clarke, senior vice president of Exxon’s liquefied natural gas (LNG) business, told the Financial Times that Europe’s growing LNG infrastructure makes it "logical" for the region to commit to longer-term supply arrangements.
He noted that Exxon currently sells approximately 80% of its LNG through such long-term contracts.
Clarke described Europe as "the most important market" for U.S. LNG exports. He added that the next step will be for the continent "to figure out how it supports long-term contracting," according to the newspaper.
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