FRANKFURT/DUESSELDORF, May 5 (Reuters) – Germany has began filling the large Rehden gas storage facility deserted by Russia’s Gazprom (GAZP.MM), the site’s state-appointed supervisor mentioned on Thursday, as Europe’s biggest financial system seems to be to protect in opposition to the danger of Moscow turning off provides.
Russian gas is important to Europe and Germany specifically. But provides have been thrown into doubt by Western sanctions over Moscow’s invasion of Ukraine and a looming deadline set by Russia for funds in roubles, which most consumers have rejected.
Gazprom final month ditched its Gazprom Germania enterprise, together with western Europe’s biggest gas storage site at Rehden, as diplomatic relations deteriorated. learn extra
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“From today, small volumes are being injected,” Egbert Laege, the trustee appointed by Germany’s vitality regulator to briefly handle the corporate, informed Reuters in his first interview within the position.
“We are working intensively on solutions to ensure that already soon significantly more gas can flow into the storage facility.”
Rehden can maintain round 4 billion cubic metres of gas however acquired solely small quantities final winter. Laege mentioned it was clear it wanted to be stuffed for the approaching winter.
Rehden is at the moment simply 0.6% full, far beneath the 36% common for Germany’s gas storage amenities.
The regulator has mentioned it’s going to management Gazprom Germania till Sept. 30 and has the precise to take away executives, rent new workers and inform administration the right way to proceed. It has not mentioned what’s going to occur after that date.
“We have made good progress in stabilising the activities of Gazprom Germania Group in uncertain times,” Laege mentioned, including he was in common contact with the Economy Ministry, Germany’s community regulator and the group’s enterprise companions.
“All of them recognise the huge importance of the Gazprom Germania Group for secure gas supplies. The trust of our business partners is perhaps our most important asset. I will do my utmost to maintain and strengthen this trust.”
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Reporting by Vera Eckert, Christoph Steitz and Tom Kaeckenhoff
Editing by Maria Sheahan and Mark Potter
Our Standards: The Thomson Reuters Trust Principles.
EXCLUSIVE Germany begins filling western Europe’s biggest gas storage site & More Latest News Update
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