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Maintaining LNG will cost Germany more than double estimate — ministry

The costs are estimated at about $6.75 billion, the Economy Ministry said as the earlier estimate was around $3.1 billion.

AP

The LPG tanker 'Coral Parensis' is anchored at the construction site of the 'Uniper' LNG (Liquefied Natural Gas) terminal in Wilhelmshaven, Germany, Nov 15, 2022.

The purchase and maintenance of floating liquefied natural gas (LNG) terminals to help Germany secure energy supplies and diversify away from Russian gas, will cost more than 3 billion euros ($3.10 billion) more than planned, the Economy Ministry has said.

Overall, the costs are estimated at about 6.56 billion euros ($6.75 billion), the ministry said, confirming a report in Der Spiegel.

That compares with 2.94 billion euros estimated in the country's 2022 budget.

"Further costs have been determined in extensive consultations with numerous stakeholders and initial forecasts have been specified," said the ministry on Sunday, citing operating costs and additional infrastructure on land.

The ministry said the floating terminals were essential for Europe's biggest economy to compensate for a collapse in deliveries of Russian gas since Moscow's attack on Ukraine.

Germany this month completed the construction of its first floating terminal for LNG at the North Sea port of Wilhelmshaven.

The parliamentary budget committee has already approved the additional money required for the terminals.