Shulginov announced Russia’s openness in gas negotiations with the EU – Kommersant
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Energy Minister Nikolai Shulginov believes that only an increase in Russian gas supplies can reduce gas prices in Europe. He noted that Russia has not closed the western direction for gas supplies and is open to negotiations on supplies to Europe, but is waiting for proposals from the buyer.
“Russia can supply gas to Europe if they want to reduce prices. Now their prices may begin to rise again. Only the supply of Russian gas can lead to a decrease. Russia could, as it has huge gas reserves – 70 trillion cubic meters. m. – to imagine the possibility of selling, given its low cost, at reasonable prices,” said Mr. Shulginov at the St. Petersburg International Gas Forum (quoted by TASS).
According to the minister, any level of gas accumulation in underground storage in Europe is not enough to reduce prices, since any cold snap will lead to an imbalance in the European gas market. “We are open to negotiations on resuming supplies, but there must be an offer from the buyer,” added Mr. Shulginov.
The coming winter will be the second for Europe, preparations for which are taking place in the context of a decrease in gas imports from Russia against the backdrop of hostilities in Ukraine and subsequent sanctions. In response, Russia reduced supplies to the European Union to the contract minimum. Before this, Gazprom was a key supplier to the EU, occupying more than 45% of the gas market there.
After the introduction of sanctions, Russia redirected the supply of energy raw materials to the East. As a result, the share of Russian crude oil imports in India for the first six months of 2023 increased tenfold, up to 20%, compared to 2021–2022 data. Russian gas exports to China in May reached a new historical maximum: 3.09 billion cubic meters. m.
Read more about the preparation of European countries for the heating season in the Kommersant article. “We’re staying for the winter”.
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