EU in hopes of achieving energy agreement with Argentina.
As the area works to address energy supply difficulties brought on by the conflict in Ukraine, the European Union stated on Thursday that it intends to sign an energy memorandum of understanding with Argentina ‘soon.’
Josep Borrell, the head of foreign policy for the EU, explained to journalists that the agreement is crucial since Argentina ‘is a blooming energy power at a time of high global prices.’
Argentina has one of the greatest unconventional gas deposits in the world and is seeking fresh investments to boost exports.
‘A memorandum of understanding on energy-related matters is progressing. I’m hoping it can be finished quickly. We are not discussing years or months; rather, there is an obvious shared interest,’ Borrell said.
Following the outbreak of the war between Russia and Ukraine, Europe has started searching for new energy and food supplies.
Argentina ‘has substantial gas reserves but no means of exporting it. It is, theoretically speaking, a very enormous gas power. Numerous investments need to be made,’ said the representative from Europe.