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illuminem summarizes for you the essential news of the day. Read the full piece on Bloomberg or enjoy below:
🗞️ Driving the news: Crown LNG Holdings Ltd. plans to build a new liquefied natural gas (LNG) terminal in Grangemouth, Scotland, aiming to reduce the UK's reliance on European pipeline supplies
• The terminal, expected to be operational by 2027, will have a capacity of at least 2 million tons per year
🔭 The context: The UK’s dependence on gas imports is growing due to declining North Sea production, leading to concerns about supply security, especially during winter
• Crown LNG's floating terminal could be faster and cheaper to build compared to onshore facilities, with an estimated cost of $600 million
🌍 Why it matters for the planet: As nations diversify energy sources to replace Russian supplies, LNG infrastructure projects like this could play a key role in energy security but also extend reliance on fossil fuels
⏭️ What's next: Crown LNG aims to make a final investment decision by late 2024, with environmental assessments and vessel procurement being crucial next steps
💬 One quote: “It is a bold move, but the UK is too dependent on interconnectors.” — Swapan Kataria, CEO of Crown LNG Holdings Ltd
📈 One stat: The terminal is expected to have a capacity of at least 2 million tons per year by 2027
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