Europe fears gas crisis will get worse
(Baonghean.vn)- "Nord Stream" - an important gas pipeline running from Russia to Europe - is temporarily suspended from July 11-21 for planned technical maintenance. European market participants are concerned that this will aggravate the gas shortage in the region.
Pipeline operator Nord Stream AG earlier announced that the company would close both pipeline branches for maintenance, including the alignment of mechanical components and automation systems.
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| Nord Stream gas pipeline. Photo: AP |
If the gas supplied via Nord Stream is not transferred to alternative pipelines, Europe, if it maintains its current level of consumption, may face a sharp increase in the price of "green fuel" on the exchanges.
Within a month, gas trading prices here have doubled, last week - for the first time since March - they surpassed the $1,900 mark and approached the $2,000 mark, many times higher than the average trading level of previous years.
It was not possible to replace the entire volume of the decrease because Ukraine, citing force majeure, restricted the reception of Russian gas for transit, as well as Russia's retaliatory sanctions prohibiting the use of the Yamal-Europe pipeline running through Poland.
Several countries - including Germany and Austria - have expressed concern that gas supplies through the pipeline could be reduced or stopped after the maintenance work is completed./.