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Kremlin’s Turkey gas hub would expected this winter could be financed by the EU budget.
It is not yet clear whether the gas price cap
turn to European countries ready Estonia should not face a fuel shortage this prices for wholesale trade, on a price cap for
“We have taken decisions on capping gas
winter, and while increased demand could
to accept Russian energy, says push up the price of diesel, that of gasoline gas used for electricity generation. And this is
should remain more or less where it is now,
probably the biggest step forward compared
Peskov Alexela board member Tarmo Karsna said, to previous EC proposals,” President Gitanas
ERR.ee, an Estonian news website, reported
Nauseda said in the early hours of October
The Kremlin appears to be counting on on October 24. 21 after the European Council meeting in
divisions among countries in Europe to make “Our partner in Lithuania, refiner Orlen, Brussels.
a realistic proposition of Vladimir Putin’s has told us that there should not be shortages, Nauseda stressed that the leaders had
suggestion that Turkey should become a gas that they can perform their contracts,” Karsna given their political approval to the gas price
hub via which Russian gas could be supplied said on the Vikerhommik morning show on cap, but did not go into specific proposals,
to European countries. October 24. “We can say today that supply something to be done by EU energy ministers
Both the US and France last week rejected chains are operational and there are no signs that are meeting in Luxembourg on October
the idea—with French President Emmanuel to suggest we should be worried. Estonian 25.
Macron responding that the proposal “makes orders will be filled, our suppliers have told According to the Lithuanian president,
no sense”, given that Europe is aiming to be us,” Karsna said. if no consensus can be found in the coming
independent from Russian gas—and, on “But considerable demand for diesel is weeks, an extraordinary European Council
October 25, Czech Minister of Industry and bound to manifest in future prices,” he added. could be called at the end of November.
Trade Jozef Sikela said on October 24 that “Many have even decided to use diesel for The EU leaders underlined that the EC’s
Europe should not buy Russian energy via heating. This has caused demand to grow. proposed joint gas purchases – which are
a Turkish gas hub. That prompted Kremlin Secondly, Europe has still not managed to expected to help the EU negotiate better prices
spokesman Dmitry Peskov to say that the replace Russian diesel. European refineries for larger volumes – will be largely voluntary.
Czech Republic is not the only country in cannot match the volumes that used to come The joint purchase will be mandatory for 15%
the EU, and that other European countries out of Russia. That is the other factor driving of the gas needed to fill storage facilities.
might take a different standpoint. “Jozef demand and keeping reserves modest,” the
Sikela, probably, knows that there are many Alexela board member said.
more countries on the European continent The price of gasoline, which fell towards Bulgaria faces threat of potential
than the Czech Republic, and they may have the beginning of autumn as a result of cooling
different positions, at different stages, at demand, is affected by OPEC’s recent decision attack on TurkStream section,
different moments, different adequacy in the to dial back production, Karsna remarked.
perception of what is happening, and so on “The oil states decided that they fear a energy minister says
and so forth,” Peskov told reporters. recession that requires production to be cut,
which delivered another spike in the price of There is a potential threat to the Bulgarian
crude and final products. Right now, the price section of the TurkStream natural gas pipeline
Slovenia’s energy group of gasoline is stable at around €1.92 per liter after the attacks on Nord Stream 1 and 2,
and there is lower demand, at least in winter.
Bulgaria’s caretaker Energy Minister Rossen
Petrol to increase number of I do not believe we will see a major price hike Hristov said at a government’s session,
Dnevnik news outlet reported on October 25.
here,” he said.
shares by splitting to €1.3 per litre again is impossible due to the Stream pipelines, Russia said that TurkStream
Karsna added, however, that a fall in prices
After the explosions on parts of the Nord
Slovenian energy group Petrol announced green transition, ERR.ee said. remains the most reliable natural gas supply
on October 24 it plans to split its shares thus route to Europe.
increasing the number of stocks while the Hristov made the comment during the
share capital will remain the same at €52.2mn. Lithuanian president hails EU latest session of the government on October
By splitting the shares, Petrol wants to 20, according to an audiofile that Dnvnik
increase the liquidity of its shares and attract gas price cap discussions obtained.
new investors by enabling minor investors The potential threat was identified at an
to purchase and trade in PETG shares more European Union (EU) leaders in Brussels extraordinary session of the Council of the
easily. have moved forward on measures to tackle EU at the end of September.
One Petrol share will be split into 20 shares the energy price crisis, with the chances of “Within the so called other topics was
and the number of shares will increase to reaching an agreement on gas price caps discussed the accident with the blows of
41,726,020 from 2,086,301, Petrol said in a increasing. However, no tangible decisions Nord Stream 1 and 2. The main opinion was
filing with Ljubljana Stock Exchange (LJSE). are yet made, with the European Council based on the assumption that probably this
The share split will be executed on instructing the European Commission to accident was intentional. Respectively, there
November 1, a public holiday in Slovenia. draw up concrete proposals and present them were opinions related to the security of such
Trading with the new regime will start on to member states as soon as possible, LRT.lt, infrastructure and Bulgaria was specifically
November 2. the website of Lithuanian public broadcaster pointed as a country through which Turkish
The price per share and the quantity of LRT, reported on October 21. Stream runs and under potential threat,”
shares will be automatically adjusted in line Despite the scepticism before the meeting, Hristov said.
with the 1:20 share split ratio. EU leaders acknowledged that a price cap The authorities plan to carry out stress test
on gas used for electricity generation could on the security systems of the infrastructure
be a good solution, but that the European in Bulgaria and, if necessary, measures for its
Estonia says no fuel shortage is Commission (EC) will have to carry out a strengthening will be taken.
cost-benefit analysis.

P14 www. NEWSBASE .com Week 43 29•October•2022