{"id":19042,"date":"2024-12-17T13:01:34","date_gmt":"2024-12-17T13:01:34","guid":{"rendered":"https:\/\/demolinksphp8.com\/euro-petroleum\/v1\/?p=19042"},"modified":"2024-12-17T13:01:35","modified_gmt":"2024-12-17T13:01:35","slug":"eu-to-beef-up-energy-security-as-ukraine-gas-deal-ends","status":"publish","type":"post","link":"https:\/\/demolinksphp8.com\/euro-petroleum\/v1\/eu-to-beef-up-energy-security-as-ukraine-gas-deal-ends\/","title":{"rendered":"EU To Beef Up Energy Security As Ukraine Gas Deal Ends"},"content":{"rendered":"\n

European Union nations on Monday will discuss<\/a> preparations for the winter with Ukraine having signaled it has no intention to renew a five-year pipeline transit agreement to supply natural gas to EU countries when it expires on December 31, 2024.<\/p>\n\n\n\n

\u201cEnergy affordability remains a pressing concern, with volatile prices driven by geopolitical tensions, supply chain disruptions, and reliance on fossil fuel imports<\/em>,\u201d Hungary said in a document shared with energy ministers. Whereas natural gas prices have declined sharply from the all-time highs they hit during the pandemic, current gas prices<\/a> are more than double the pre-pandemic levels.<\/p>\n\n\n\n

Earlier, the EU warned member countries<\/a> to prepare for a world without Russian gas, with Ukraine gas amounting to 5% of total EU gas imports. Austria, Hungary and Slovakia are likely to be the hardest hit when the imports are cut off; thankfully, they have been finding alternative sources. Two weeks ago, Azerbaijan\u2019s state oil company, SOCAR, started supplying<\/a> natural gas to Slovakia\u2019s Slovensk\u00fd plyn\u00e1rensk\u00fd priemysel (SPP)<\/strong>, the country\u2019s largest state-owned energy operator. This came just a month after SPP signed<\/a> a short-term pilot contract to buy natural gas from Azerbaijan as it prepares for a possible halt to Russian supplies via Ukraine. Hungary and Bulgaria have continued receiving Russian gas as member states found technical solutions to pay Gazprom despite sanctions on Gazprombank. Meanwhile, other European nations have found alternative sources. For instance, major German utilities signed LNG deals with the UAE\u2019s ADNOC.<\/p>\n\n\n\n

Meanwhile, Turkey has said it is prepared to significantly increase natural gas exports to the European Union, desperate to further wean itself off Russian gas, but it won\u2019t be easy or cheap: In order to do that, the most likely route is to re-export Azeri natural gas from Turkey. That, in turn, would require Turkey to take in more Russian gas to make up for the shortfall. Ankara is keen to play the role of savior and boost its leverage with respect to Brussels; but it wants some demand guarantees before it starts spending on the necessary infrastructure.<\/p>\n\n\n\n

By Alex Kimani for Oilprice.com<\/strong><\/p>\n\n\n\n

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