EUROPEAN companies need to step up and commit to long-term gas supply agreements if the continent wants more help with its energy needs, said executives from US liquefied natural gas project developer Gulfstream LNG and Norway's Equinor. If it does not act soon, Europe could face a supply shortfall and risk its own long-term energy security because Chinese companies are signing their own long-term deals with US LNG businesses - and Chinese demand is expected to "soak up" most of their supply, executives said at the Flame LNG and gas conference in Amsterdam last week. "If Europe expects the US to become its long-term supplier, Europe needs to start supporting US LNG projects," said Vivek Chandra, chief executive of Gulf-stream LNG, a project under development on the US Gulf Coast. European banks are also willing to lend money for fossil fuel projects that help address the continent's energy security needs, but such projects still have to meet their environmental, social and governance (ESG) standards, banking executives said.
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