Germany’s Chancellor Angela Merkel said the Cabinet is set to co-fund the construction of a liquefied natural gas (LNG) shipping terminal this month. The $576 million project would be located in northern Germany, the Wall Street Journal reports, citing the sources familiar with the meeting.
According to the newspaper, one of the first applications was received from an international consortium in mid-October. It plans to construct an LNG terminal in the town of Stade, close to one of the country’s biggest cities, Hamburg. The decision is to be made by yearend.
This move is expected to ease tensions between the US and Germany, and even shield the Russian-European joint venture Nord Stream 2 from possible U.S. sanctions, according to the WSJ sources. The chancellor herself reportedly perceived this measure as a strategic decision rather than a diplomatic defeat from the U.S.
