Argentina and EU sign energy memorandum
President Alberto Fernández and European Commission President Ursula von der Leyen have signed a memorandum of understanding (MoU) on energy co-operation that seeks to boost energy trade between Argentina and the European Union.
Inked just before the start of the EU-CELAC (Community of Latin American and Caribbean States) summit, the memorandum states that both parties will support investment to increase energy trade between Argentina and the EU.
They will also develop the hydrogen, renewable energy and energy efficiency sectors - and work together to ensure that progress in these areas is in line with the 2015 Paris Agreement on climate change.
It also contemplates developing a plan to use transport infrastructure to speed up the shipping of liquefied natural gas (LNG) to Europe.
Future investment and related activity carried out within the framework of the memorandum should comply with the relevant climate laws, it states.
The document was signed in the European Union building in Brussels, where the EU is headquartered.
At: https://buenosairesherald.com/business/energy/argentina-and-eu-sign-energy-memorandum-at-eu-celac-summit
Argentine President Alberto Fernández and European Commission President Ursula von der Leyen after signing a memorandum of understanding on energy co-operation between Argentina and the EU.
Today's agreement seeks to boost Argentine/EU energy trade, which totaled just $2 billion last year - with a $732 million deficit for Argentina due mainly to gas imports.
But growing production from SW Argentina's Vaca Muerta shale block could yield over $25 billion in annual oil and gas exports by 2030.
