Natural gas supplies to Germany will be cut by 40% because of a piece of equipment in Canada.
The gas compressor unit that was sent for repair has not been returned in due time. As a result, it said it can supply a maximum of 100 million cubic meters of natural gas each day.
Fuel can be purchased from Russia to Germany. It can hold 55 billion meters of gas.
—Gazprom (@GazpromEN) June 14, 2022
Due to the sanctions imposed by Canada, it's not possible for the company to deliver overhauled gas turbine to the customer. We informed the Canadian and German governments and are working on a solution.
Insider's request for comment was not immediately responded to by the energy company.
Natural gas is piped in from Russia to Germany. The country's economy minister said in a March 25 press release that it plans to stop buying natural gas from Russia by the year 2024.
The country's natural-gas supply is "guaranteed" and "unchanged" according to the economy ministry.
The decline in natural-gas supplies may not be as bad as it would be in the winter due to the fact that consumption of the fuel tends to go down in the summer. There is a rise in demand in the winter. According to a report last week, Europe has been storing natural gas at a record rate.
The price of natural gas in Europe went up 20% on Tuesday.
At 12.49 a.m., the benchmark US natural-gas futures were up 1.53%. The time is on Wednesday
All Rights Reserved © 2024
