EU to promote euro over dollar in energy trade

Roughly 85 per cent of EU's energy imports are paid in dollars, according to the European Commission

Economy 14:20 14.02.2019

The European Union (EU) has agreed to gather a comprehensive industrial group together in an effort to break the monopoly of the U.S. dollar in energy trading and promote the euro, according to international media outlets on Wednesday.

The industrial group includes executives from European oil and gas firms such as Austria's OMV, Italy's Eni, Belgium's Fluxys and France's Engie. The media outlets reported that the meeting would take place in Brussels behind closed doors on Thursday under the auspices of the European Commission.

“The EU is the world’s largest energy importer with an annual energy import bill averaging €300 billion in the past five years. Roughly 85 per cent of this amount is paid in dollars,” the Commission said in documentation prepared for the meeting, according to the media reports.

The EU's aim is to bring a “market-initiated” change, while participants of the meeting are called for digging into "constraints on alternatives to the use of U.S. dollar through wider use of the euro, in spite of the benefits of such a change."

The reports noted that the meeting is part of a consultation process until mid-2019 and is expected to provide new input to EU plans for promoting the euro in energy trading.

On Dec. 5, the European Commission announced the adoption of a recommendation on the international role of the euro in the field of energy, promoting its wider use in this "strategic sector."

"Strengthening the international role of the euro in the field of energy investment and trade will help reduce the risk of supply disruptions and promote the autonomy of European businesses. It can therefore make an important contribution to our objective to ensure security of supply in the Energy Union," Miguel Arias Canete, commissioner for Climate Action and Energy, was quoted as saying in the announcement made in December.

Azerbaijan Defense Minister informs NATO chief on situation in Azerbaijan-Armenia conditional border -VIDEO

News line

Pakistan restricts foreign travels of ministers, government officials
Pakistan restricts foreign travels of ministers, government officials
20:39 18.03.2024
EU to boost military support fund for Ukraine by EUR 5 bln — Hungarian foreign minister
20:00 18.03.2024
Industrial zones to be created in Azerbaijan’s Zangilan, Jabrayil, and Gubadli
19:16 18.03.2024
Reuters: Only an oil slump can stop Russia
19:00 18.03.2024
Top Hamas operative killed in hospital raid, IDF says
Top Hamas operative killed in hospital raid, IDF says
18:33 18.03.2024
President Ilham Aliyev congratulates people of Azerbaijan on occasion of Novruz holiday - UPDATED
18:00 18.03.2024
Jens Stoltenberg: We fully support Georgia's sovereignty and territorial integrity
Jens Stoltenberg: We fully support Georgia's sovereignty and territorial integrity
17:47 18.03.2024
2 dead, 6 injured in Türkiye factory explosion
2 dead, 6 injured in Türkiye factory explosion
17:28 18.03.2024
Armenia’s anti-Russian policy reaches new level
17:11 18.03.2024
"The Middle Corridor plays a key role for Green Energy" - Expert Ali Pasha
16:45 18.03.2024
Central square of Khankandi named “Victory Square”
16:22 18.03.2024
President: We demonstrated tremendous heroism during the II Karabakh War and the anti-terror operation
16:16 18.03.2024
Nobel Peace Prize Laureate Muhammad Yunus visited IEPF - PHOTOS - VIDEO
16:00 18.03.2024
Historic opportunity emerged to advance the Azerbaijani-Armenian peace agenda - FM Bayramov
15:21 18.03.2024
Bayramov and Stoltenberg discuss normalization process between Azerbaijan and Armenia
15:03 18.03.2024
Azerbaijan Defense Minister informs NATO chief on situation in Azerbaijan-Armenia conditional border -VIDEO
14:58 18.03.2024
Stoltenberg's visit to the Caucasus: "NATO is in panic" - OPİNİON
14:29 18.03.2024
Hikmat Hajiyev holds discussions for upcoming COP29 with Chinese Vice FM
Hikmat Hajiyev holds discussions for upcoming COP29 with Chinese Vice FM
14:00 18.03.2024
Stoltenberg concludes his official visit to Azerbaijan
13:42 18.03.2024
Geomagnetic storm expected on March 20
13:33 18.03.2024
Mbappe celebrates his 250th goal in PSG
Mbappe celebrates his 250th goal in PSG
13:19 18.03.2024
President Ilham Aliyev makes a phone call to Vladimir Putin
13:00 18.03.2024
President Ilham Aliyev lit Novruz bonfire in Khankandi and congratulated Azerbaijani people
12:34 18.03.2024
Foreign students attacked in India over Ramadan prayers
12:30 18.03.2024
Spring comes to Northern Hemisphere
Spring comes to Northern Hemisphere
12:17 18.03.2024
Why does Azerbaijan matter to the European Union? - OPINION
12:00 18.03.2024
Number of human remains found in mass grave in Khojaly reaches 19
11:45 18.03.2024
Hikmat Hajiyev meets Pakistani envoy to China
Hikmat Hajiyev meets Pakistani envoy to China
11:33 18.03.2024
EU Council to discuss Armenian-Azerbaijani normalization
11:23 18.03.2024
Global Terrorism Index: Azerbaijan among countries with highest anti-terror rating worldwide
10:56 18.03.2024
Oil prices keep rising
Oil prices keep rising
10:40 18.03.2024
Stoltenberg: NATO looking forward to further strengthening partnership with Azerbaijan
10:23 18.03.2024
Azerbaijani police found numerous weapons and ammunition in Khankandi
10:10 18.03.2024
President Ilham Aliyev: There is a good chance for settlement of Azerbaijan-Armenia relations
09:57 18.03.2024
Putin warns about possible war between Russia and NATO
09:40 18.03.2024
Hikmat Hajiyev meets with Vice Minister of Ecology and Environment of China
09:23 18.03.2024
Azerbaijan relocates 123 more residents to Fuzuli city
08:53 18.03.2024
President Ilham Aliyev held expanded meeting over dinner with Jens Stoltenberg
23:07 17.03.2024
Putin wins the presidential elections for fifth term, exit poll shows
22:43 17.03.2024
COP29 will be turning point, says NATO Secretary-General
21:54 17.03.2024
Hamısı