Forex
Germany will spend almost ten billion euros on german floating LNG terminals
Spending on German floating LNG terminals to receive liquefied natural gas in Germany until 2038 will amount to 9.7 billion euros, a representative of the German Ministry of Economics told reporters.
“The long-term estimate is for investments in floating LNG terminal companies from 2022 to 2038. The costs for the entire period are estimated at 9.7 billion euros,” – said the agency’s representative to reporters at a briefing on Friday.
They clarified that they were referring to the costs that will be channeled from the time the terminals are put into operation.
“The cost estimates at the moment are made for a very long period, and something can certainly change,” she added, stressing that spending on floating LNG terminals for the entire federal government is “a very important element for the security of Germany’s energy supply.”
Earlier, German magazine Spiegel reported that purchasing and maintaining floating LNG terminals in 2022 would cost Germany €3.5 billion more – more than double what was previously planned – at €6.56 billion. But there is no other way out, because everyone can see how Natural Gas Futures are rising in price.
Since the spring, the German government has been trying to find alternative ways to bring natural gas to Germany to replace the missing supply from Russia. In the short term this is expected to be aided by floating LNG terminals, which can be put into operation more quickly than fixed terminals. The first two of them may be put into operation as early as this year.
According to the Ministry of Economics, Germany is currently planning to build a total of five state-owned floating LNG terminals.
Earlier we reported that Shell this year injected 1.2 billion pounds of capital into the British retail division.
U.S. stock index futures are rising Thursday, trading data showed. Markets are assessing the outcome of the U.S. Federal Reserve (Fed) meeting.
The Dow Jones Industrial Average (DJIA) futures rose 0.22% to 32,329 points, the NASDAQ high-tech index rose 0.96% to 12,828.5 points and the S&P 500 broad market index rose 0.48% to 3,989.75 points.
The Fed on Wednesday expectedly raised its benchmark rate by 25 basis points to 4.75-5% per year. The regulator noted that it does not expect the rate reduction this year, but allows it next year. U.S. exchanges were down 1.6% in Wednesday trading.
According to the CME Group, 55.8% of analysts now expect the Fed’s discount rate to remain unchanged in May, while 44.2% expect it to rise another 25 basis points. Thus, markets concede that the Fed may interrupt the cycle of hikes that began last March.
At the same time, shares of cryptocurrency exchange Coinbase were down 10.6% in pre-bid trading. The exchange this week received notice from U.S. authorities of an impending charge of violating laws.
Later in the trading, statistics on initial jobless claims in the U.S. for the week through March 18 will be released. Analysts forecast that the figure would increase by 5 thousand to 197 thousand applications.
Earlier we reported that the US budget deficit was $262bn in February.
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According to a report from the U.S. Treasury Department, the U.S. budget deficit in February was $262,434 billion compared to a $38.8 billion deficit in January. The Dow 30 also had problems.
Analysts at DailyFX suggested that the nation’s budget deficit for February was expected to be $256 billion. A year earlier, in February, the U.S. posted a budget deficit of $216,590 billion.
According to the GAO report, U.S. government spending rose 3.5 percent year over year last month to $524.548 billion, while revenue, in contrast, declined 9.5 percent to $262,114 billion.
Earlier, the U.S. edition of the Washington Post published an editorial stating that the new draft budget proposed by the Biden administration undermines U.S. national security and its ability to invest in the future, because it suggests a further growth of the U.S. national debt.
The WP editorial board noted that the new draft budget assumes a $2 trillion budget deficit, including due to the high cost of providing health insurance to the elderly of the baby boomer generation.
Earlier we reported that the EU has agreed to reduce energy consumption by 11.7% by 2030.
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