How Greece will pay for Russian gas

Today’s extraordinary meeting of EU energy ministers will be decisive for further steps in the energy “war” with Russia, which requires payment for gas in rubles and has already “turned off the taps” of Bulgaria and Poland.

Sources in Greek energy companies with deals with the Russian gas supply company Gazprom report compliance with the framework to be established EUreports ΑΠΕ-ΜΠΕ. However, they point to the need to clarify these limits as soon as possible, before the end of May, when the next payments to the Russian company are planned. It is noted that the following payments to Gazprom will be made in the third decade of May.

Recently, government spokesman Yiannis Ikonomou, expressing the position of Athens, drew attention to “technical issue” when paying and converting the euros in which we pay into rubles. “We paid in euros, and we will continue to pay in euros. How the currency will be converted into rubles will be specified,” he said.

At the same time, the Ministry of Natural Resources, in cooperation with all subjects of the energy market, is preparing for all opportunities, including to the scenario of the cessation of gas supply from Russia and the expected (due to weather conditions) increase in demand.

According to Naftemporiki, the Greek “defense” plan is based on 5 vectors:

1. Increase the capacity of the Revitus storage to 375,000 cubic meters (from 225,000 today) by adding a fourth floating tank (FTS).

2. Use of diesel fuel instead of natural gas in five alternative gas installations.

3. Increase in brown coal production by 50% in two years.

4. Monitor the availability of LNG (Liquefied Natural Gas) in international markets so that DEPA Commerce purchases additional shipments of fuel, if deemed necessary. As of now, the monthly LNG ΔΕΣΦΑ chart for May shows Mytilineos loading of 463,000 kWh (May 5) and DEPA loading of 500,000 kWh on May 16. On May 18, a batch of LNG will be shipped at the request of MET Energy EAD (which will be sent to Bulgaria), and on May 25 another shipment is scheduled for 535,000 kWh (from MYTILINEOS).

5. Exploration of the potential for strategic gas reserves in Italy’s underground storage facilities continues.

The German News Agency (DPA) released a report from the Ministry of Economy and Climate Change on German energy security, which states that “By the end of summer, it is realistic to put an end to dependence on Russian imports of raw materials”. It has even been calculated that Berlin is now supporting action at the European level to impose an energy embargo on Moscow, reconsidering its former “cautious” position.

In the next phase, the German government will focus on the production and use of hydrogen, which is considered the “fuel of the future”. German Chancellor Olaf Soltz discussed the possibility of cooperation with Japan on hydrogen production during his visit to Tokyo on Thursday, according to the Handelsblatt Economic Review. That is why, shortly before leaving for Berlin, he visited a pilot plant for the production of hydrogen in the city of Kawasaki, processing liquefied natural gas imported from distant Brunei. The Japanese have already installed their first LNG terminal at the port of Kobe, importing liquefied natural gas from Australia.



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