The Russian gas giant Gazprom announced on Tuesday that it will reduce by 40% the volume of gas it supplies to Europe through the Nord Stream pipeline. due to the delay of reparations by Siemens, which added to the Western sanctions against Russia.
(Read: Gazprom completely cuts off gas supplies to the Netherlands and Denmark)
“At the moment we guarantee a level of gas supplies through the Nord Stream pipeline of up to 100 million cubic meters per day” of the planned 167 million cubic meters of gas per day, the company reported on its Telegram channel.
(You are interested in: Russia fulfills its threat and cuts off gas to Finland for not paying in rubles)
According to Gazprom, “the Siemens company did not deliver the repaired pumping equipment on time, technical service deadlines were exceeded and technical faults were detected in the engines”.
Therefore, at this time the number of pumps has been reduced to three, which affects the volume of gas that can be transferred.
The German technology and industrial group Siemens announced in mid-May its exit from the Russian market as a result of the war in Ukraine and began to suspend its operations and industrial activities.
According to the company, international sanctions and possible countermeasures affect its activities in Russia, especially rail and maintenance services.
Siemens Chairman and CEO Roland Busch said the company had made the decision to “orderly end its activities in Russia,” where it has been present for nearly 170 years.
Germany studies alternatives
the german government announced on Tuesday the granting of a loan to Gazprom Germaniathe intervened subsidiary of the Russian state gas company, to “guarantee security of supply”.
The Executive informed in a statement that it intends, through a loan, to “protect the company from insolvency”, which has “suffered a disorder due to the sanctions of the Russian side”.
In addition, it will extend the trusteeship of Gazprom Germania beyond the limit of September 2022 initially announced, when the company was intervened on April 4.
With these measures, the government “maintains its influence over this part of the critical energy infrastructure and prevents energy security from being compromised,” the statement said.
The Executive did not specify how much the loan from the government development bank KfW will amount to, although some German media mentioned that it could be “billions” of euros.
“The money will serve to guarantee liquidity and obtaining gas from alternative sources,” the government said, adding that it will ensure that the sum is used only to finance the supply and does not flow under any circumstances to Moscow.
“The next step will be to review the possibilities to transform credit into equity and thus also ensure long-term security of supply,” he continued.
The statement also specified that the trusteeship of Gazprom Germania will now be based on a new recently approved law, which will allow it to be renewed several times and will give the trustee more possibilities to strengthen energy security.
On the other hand, the Government stressed that Gazprom Germany, which he described as a “key company” for the supply of gas in Germany, will be renamed Securing Energy for Europe (SEFE)with which they intend to send a “signal” to the market about the purpose of the company.
This has been in the hands of the Federal Network Agency (Bundesnetzagentur) since April 4, after the Russian parent company tried to sell its subsidiary with the intention of liquidating it, according to the German government.
On May 11, Russia imposed sanctions against Gazprom Germania, which forced the company to substitute part of the supply with alternative suppliers at very high market prices, which has led to serious financial difficulties, the German government said.
The announcement of the credit comes hours after Gazprom stated that it will reduce by 40% the volume of gas it supplies to Europe through the Nord Stream 1 gas pipeline. “We are observing the situation and analyzing the facts.
Security of supply is currently still guaranteed,” a spokeswoman for the Ministry of Economy and Climate said in a terse statement.
INTERNATIONAL WRITING
*With information from EFE and AFP
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