Poland signs long-term gas deal with US company that beats the Russian deal it had

Legal Insurrection:

Poland has signed a long-term gas deal to buy natural gas from the United States to ease its reliance on Moscow.

Polish state-run energy company PGNiG signed a 20-year supply contract with Louisiana-based Venture Global LNG. “Today we can fulfill our efforts to improve the sovereignty, security, and competitiveness of our gas sector,” Polish Prime Minister Mateusz Morawiecki told reporters on Wednesday.

Under the deal that comes into effect in 2022, Poland will import 2 million tons of liquefied natural gas each year. The Polish oil company did not disclose the terms of the agreement but confirmed that they were “better than the terms on which Poland was currently buying gas from Russia.” Currently, the country relies on Russia for nearly two-thirds of its gas needs.

The long-term energy deal is a major success for President Donald Trump’s strategy to boost U.S. gas exports. Europe “wants to import more liquefied natural gas, LNG, from the United States, ” he said in July, “We’re going to make it much easier for them, but they’re going to be a massive buyer of LNG.”
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Germany is still pursuing its less secure deal which will make it dependent on Russia for most of its gas supply.   In the past Poland has bought about two-thirds of its gas from Russia, but it is eager to take advantage of US production to replace as much of it as possible.