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  • GasTerra will not go along with Gazprom's payment demands
    édité le 31/05/2022

GasTerra will not go along with Gazprom's payment demands
Dutch gas trader GasTerra has decided not to comply with Gazprom’s one-sided payment requirements. These payment requirements are set out in a decree passed by Russian President Vladimir Putin regarding payment for the supply of Russian gas. In response to GasTerra’s decision, Gazprom declared to discontinue supply with effect from 31 May 2022.

In a decree issued on 31 March, Russian President Putin stated that, from now on, Russian gas would have to be paid for in roubles. This means that anyone wanting to buy gas would have to open both a euro and a rouble account with Gazprombank in Moscow. GasTerra will not go along with Gazprom’s payment demands. This is because to do so would risk breaching sanctions imposed by the EU and also because there are too many financial and operational risks associated with the required payment route. In particular, opening accounts in Moscow under Russian law and their control by the Russian regime pose too great a risk for the Groningen company.

The cessation of supply by Gazprom means that, between now and 1 October 2022, the date on which the contract ends, approximately 2 billion m3 of contracted gas will not be delivered. GasTerra has anticipated this by buying gas from other providers.

The European gas market is highly integrated and extensive. However, it is impossible to predict how the lost supply of 2 billion m3 of Russian gas will affect the supply/demand situation and whether the European market can absorb this loss of supply without serious consequences.

GasTerra has repeatedly urged Gazprom to respect the contractually agreed payment structure and supply obligations, but to no avail.

About GasTerra

GasTerra is a wholesaler. We buy gas from domestic and foreign producers and on the open gas market. Our customer base consists of energy companies, industry and other large customers.
The company also offers gas trade-related services. Because of our strong purchasing position, we are an important link in the energy supply inside the Netherlands and Western Europe.

About Gazprom

Gazprom is a global energy company focused on geological exploration, production, transportation, storage, processing and sales of gas, gas condensate and oil, sales of gas as a vehicle fuel, as well as generation and marketing of heat and electric power.
Gazprom is a reliable supplier of gas to Russian and foreign consumers. The Company owns the world’s largest gas transmission system, the total length of which within the boundaries of Russia reaches 175.2 thousand kilometers. Gazprom sells more than half of its gas to Russian consumers and exports gas to over 30 countries within and beyond the former Soviet Union.

Origine : Communiqué GasTerra

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