Logo of the Russian power firm Gazprom is seen on а station in Sofia, Bulgaria, April 27, 2022. REUTERS/Spasiyana Sergieva
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HELSINKI, May 17 (Reuters) – Finland’s state-owned power supplier Gasum stated on Tuesday it will take its dispute over rouble payments with Russia’s Gazprom Export to arbitration proceedings.
Gasum stated it is not going to settle for Gazprom Export’s demand to pay in roubles for its fuel provides to Finland and subsequently there was an elevated threat that Russian fuel flows to Finland might be halted.
“In this situation, Gasum had no choice but to take the contract to arbitration. In this challenging situation, we will do our utmost to be able to supply our Finnish customers with the energy they need,” Gasum CEO Mika Wiljanen stated in an announcement.
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Gasum stated it will goal to provide Finnish prospects in the course of the summer time by way of the BalticConnector fuel pipeline which hyperlinks the Finnish and Baltic fuel grids throughout the Gulf of Finland.
Constraints on the pipe’s transmission capability, nonetheless, may make this difficult, it added.
In the long term, Finland plans to collectively lease a floating terminal with Estonia to import liquefied pure fuel (LNG). learn extra
Finland imports most of its fuel from neighbouring Russia however fuel accounts for under about 5% of its annual power consumption. learn extra
Losing that offer, nonetheless, may have an effect on Neste (NESTE.HE), Metsa (METSB.HE) and different corporations within the forestry, chemical and meals industries.
Last Friday, the European Commission printed up to date steerage on how EU corporations will pay for Russian fuel with out breaching the bloc’s sanctions. learn extra
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Reporting by Anne Kauranen; enhancing by Louise Heavens and Jason Neely
Our Standards: The Thomson Reuters Trust Principles.
Finland’s Gasum to take Gazprom Export to arbitration over payments & More Latest News Update
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