ExxonMobil (NYSE:XOM) anticipates that the European Union will enter into multi-decade agreements to purchase U.S. natural gas, reinforcing the bloc’s broader commitment to American energy, according to a Financial Times report on Wednesday.
The EU pledged in July to acquire $750 billion worth of U.S. energy by 2028 under a comprehensive trade framework with Washington.
Peter Clarke, senior vice president of Exxon’s liquefied natural gas (LNG) division, told the Financial Times that Europe’s expanding LNG infrastructure makes it “logical” for the region to pursue long-term supply agreements.
He noted that approximately 80% of Exxon’s LNG sales are currently tied to similar multi-year contracts.
Describing Europe as “the most important market” for U.S. LNG exports, Clarke added that the next step for the continent will be “to figure out how it supports long-term contracting,” according to the report.
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