Engie and Gazprom have agreed on a solution in line with both companies' expectations in terms of currencies and with European sanctions.

Engie said it would comply with any European sanctions that could potentially affect Russian gas supplies to Europe, but warned of the major impact such a move would have on the market.

Engie plans to create a green hydrogen hub in the UAE and potentially other regions in a deal worth $5 billion, with the first 200 MW green hydrogen and ammonia project being developed in Abu Dhabi.

It was noted that Russia has been a reliable supplier of gas to France for as many as 45 years, with exports over this period surpassing 427 billion cubic meters in total.

Николай Шульгинов в рамках Петербургского международного экономического форума провёл рабочую встречу с Генеральным директором компании ENGIE Катрин МакГрегор и Председателем Совета директоров ENGIE Жан-Пьером Кламадье.

“This development of low carbon and renewable hydrogen will accelerate the construction of new hydrogen infrastructure and the repurposing of current natural gas infrastructure, thus paving the way for net zero in 2050,” Engie and Equinor said in a statement.

At the end of 2020, Engie's gross renewable energy capacity amounted to 31 GW, including 57% of hydropower and 43 % of wind and solar.

Located at the heart of Total's La Mède biorefinery and powered by solar farms with a total capacity of more than 100 MW, the 40 MW electrolyser will produce 5 tonnes of green hydrogen per day to meet the needs of the biofuel production process at Total's La Mède biorefinery, avoiding 15,000 tonnes of CO2 emissions per year.

NextDecade is currently developing the 27 Mt/year LNG export project, which is facing opposition over environmental concerns.

The North American unit of French energy group Engie SA (EPA:ENGI) has secured up to USD 1.6 billion (EUR 1.46bn) in tax equity financing for its 2-GW portfolio of renewables assets in the US.