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4 I Companies & Markets bne March 2021
Exports of Russian gas to Europe surge on the back of a cold snap in January.
EU imports of Russian gas surge in January, despite objections to Nord Stream 2
bne IntelliNews
As leading EU countries lobby Germany to stop the construction of Nord Stream 2, the same countries have been dramatically increasing their imports of Russian gas as a cold snap sweeps the continent, according to Russian national gas company Gazprom’s financial accounts.
France has been one of the most vocal critics of the new pipeline that will connect Russia’s Yamal gas fields with Germany, but it has bought 43% more Russian gas so far this year, according to Gazprom’s books, RT reported.
The unusually cold weather in the last few months has worked to undo the gas glut that built up during last year’s heating season when the winter was mild.
www.bne.eu
That was compounded by uncertainty over whether Russia and Ukraine would renew their gas transit deal, which
led both sides to build gas reserves in storage in case
a deal failed to transpire. Likewise, European countries anticipating a break in gas transits from Russia also built
up reserves in underground facilities. Gazprom’s books
have revealed that France’s underground gas storage facilities are less than 30% full and that it has turned to Gazprom for more fuel.
“Gazprom has increased its exports to France by almost 1.5 times since the beginning of the year,” Gazprom said in a report. “The demand for natural gas in European countries against the background of a cold, frosty winter continues