The government sources said the carbon price would now increase annually, hitting 55 euros in 2025.

German chemical giant BASF has begun construction of its $10-billion integrated petrochemicals project in China’s southern province of Guangdong,

Germany and the UAE see that there is a great value in close consultations on foreign and security policy, Annen said. "We also want to deepen our cooperation on trade and investment, in particular on exchanging state-of the-art technologies and enabling small and medium-sized companies to succeed in our respective markets," the minister explained.

The draft law envisages state aid totaling 40 billion euros ($45 billion) spread over the next 20 years, mostly to four regions affected by the plans to phase out coal by 2038 - part of Germany’s transition to renewable energy, known as the ‘Energiewende’.

Germany imported 20.0% more gas in the first half of 2019 than a year earlier and its import bill rose by 14.8%, official data showed.

German solar generated a record 46 TWh in 2018, covering 8% of electricity demand.

The construction of the LNG terminals in Germany represents a considerable investment. The FSRU for instance, the cheapest facility, will require about €400 million ($500 million) to build.

The German energy transition continues to gather pace, reaching a record 47 per cent of total electricity produced in the first five months of 2019, putting it well ahead of its target for 2025, which requires it to meet between 40 and 45 per cent of total electricity consumption from renewables.

Electricity generated from Germany’s coal-fired plants declined by 46 million megawatthours (MWh) between 2000 and 2017, while electricity generated from wind and solar increased by 95 million MWh and 40 million MWh, respectively. Despite these changes, coal remains the main source of generation in Germany. Coal’s share of total generation declined from 50% in 2000 to 36% in 2017, despite slight increases in 2012 and 2013 that were related to Germany’s move away from nuclear power.

The German Economy Ministry has taken note of the threat of U.S. sanctions being placed on the Nord Stream 2 gas pipeline project, a spokeswoman said on Wednesday, adding that Berlin rejected sanctions that have extraterritorial effect.