From: “The UK’s oilpatch” article From the BBC News website A long-running oil dispute between Britain and the European Union has been settled, with the EU granting Britain permission to export a new version of its oil, after years of wrangling.
The deal has been agreed by the European Commission, Britain’s biggest trading bloc, and the UK’s Department of Energy and Climate Change.
The final approval was announced by British Prime Minister Boris Johnson and his government on Thursday.
It comes amid growing international concern about the impact of climate change and is expected to boost the British economy and create more than 1,000 jobs.
The decision to export the new oil is a major victory for a British industry which has long struggled to export oil from its oilfields to European markets, which are largely reliant on imports.
“This is a huge victory for the British people,” said the EU’s chief Brexit negotiator Michel Barnier.
“We can now continue to sell oil to Europe and that is our long-term aim.”
Britain has long sought to export its oil to European countries as part of a deal with the bloc that gave it the right to sell more than a third of its crude.
The new oil will be sold to a number of European countries, including Belgium, Germany, Italy, the Netherlands, Portugal, Spain and Switzerland.
It will be shipped to the Netherlands via the UK.
British officials had been planning to export to Germany, the EU and the US for years, but with the Brexit vote Britain had been unable to secure a deal for many years.
“It is fantastic news that we have reached an agreement with the UK to export this oil to Germany,” said EU energy commissioner Gunther Oettinger.
“The European Commission is extremely happy with this deal.”
The UK had been looking for a long time for a deal on the sale of its petroleum products to the EU, which has a trade surplus of $8.8 billion (4.3 trillion euros).
The EU agreed in 2013 to set aside billions of euros for the purchase of oil and natural gas, a move that was seen as a precursor to a long-delayed deal with Britain.
But Britain has struggled to find a way to meet the EU surplus target.
Since the UK joined the bloc in 1973, the UK has sold more than $1.3tn of petroleum products, and this figure is expected by the end of this year to be $1 trillion.
In 2016, Britain signed an agreement allowing it to export up to 1.4 million barrels a day of crude oil and liquefied natural gas to the European market.
The UK was seeking to get around the EU requirement by selling its oil in bulk to its biggest trading partner, the US.