TotalEnergies CEO Patrick Pouyanne said on Wednesday that Europe should negotiate to obtain a free-trade guarantee on US liquefied natural gas (LNG), against the backdrop of an unpredictable global trade environment.
US President Donald Trump has just imposed sweeping tariffs on Chinese imports, to which Beijing has responded with a 15% levy on US LNG and 10% on US crude oil.
Speaking to reporters after the company announced fourth- quarter earnings, Pouyanne said that LNG export capacity in the US should practically double in coming years. "But what happens if all of a sudden the US decides they must export less than they've done historically? ... We must not pass from a so-called over-dependence on Russia to an over-dependence on another country, even if it's an ally," Pouyanne said.
Trump has also threatened Europe with tariffs, though he has not yet imposed any, leaving companies facing a high level of uncertainty.
The EU received 43% of its LNG from the US last year, making it the biggest supplier by far, according to Kpler data. The European Commission did not propose a ban on Russian LNG in its latest package of sanctions because member states raised concerns about first securing alternatives including from the US, EU diplomats said last week.
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