Putin suggested that more natural gas could enter Europe

Russian President Vladimir Putin has ordered the construction of a European-owned power plant, Gazprom, to begin rebuilding Europe’s gas reserves next month.

as if And Bloomberg

President Vladimir Putin has told the Gazprom PGSC to move to European gas depots next month, adding that the long-awaited additional Russian supplies could be on the way.

The move “will create a more favorable environment for the European energy market,” Putin said in a televised address Wednesday.

As soon as he completed the process at home, he ordered the government-controlled force to focus on filling underground storage facilities in Germany and Austria, starting on November 8. Alexis Miller, chief executive of Gazprom, said in a video link with the president that the domestic re-injection campaign would be extended by one week from the beginning of November 1.

Gazprom has so far imported very small amounts of gas into European storage facilities, Miller said.

Russia’s focus on rebuilding domestic gas inventions, coupled with low storage prices at the EU’s Gazprom site, has raised concerns about the continent’s struggling market.

Overall, European investors are at their lowest level in a decade.

Putin’s first verbal intervention in the market earlier this month eased the gas flow, but prices have since recovered slightly. Gazprom’s transition plans for November have not yet made any significant progress in Europe. The company says it is fulfilling all contractual obligations, and some EU officials have accused the company of blocking fuel to speed up the controversial Nord Stream 2 pipeline.

In Europe’s largest market, Germany, Gazprom has several facilities, all of which are now about 71% full, according to European gas infrastructure.

The status of privately owned and co-owned facilities in Russia exports varies – from 83% in Jemgum to 9.5% in Rehden. Gazprom used some volumes stored in the European Union in August to compensate for the reduced load following a fire at a Siberian processing plant.

In Russia, Gazprom plans to store a record 72.6 billion cubic meters next winter. The plan is to complete the project by November 1, but the gas producer will continue to rebuild Russian inventory by November 7, as planned virus locks will reduce fuel consumption, Miller said.

(Update with details on Gazprom storage locations while viewing Article 7)


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