Triple whammy for European fuel provides sends costs hovering - CayPress

Friday, June 17, 2022

Triple whammy for European fuel provides sends costs hovering

Italian energy giant ENI said Wednesday that Gazprom, Russia’s state gas producer, would cut its supplies by 15%. It did not know the reason, an ENI spokesperson told CNN Business.

The news comes the same day Gazprom said it would cut flows through its Nord Stream 1 pipeline — a major artery linking Russia’s gas to Germany — for the second time in two days, and a major liquefied natural gas (LNG) producer in the United States said it would remain offline until September.
On Tuesday, Gazprom said it would reduce gas deliveries via Nord Stream 1 by 40% because Siemens Energy had delayed the return of turbines required to conduct repairs on the pipeline. Then, on Wednesday, Gazprom said it would cut supplies by another third to 67 million cubic meters starting Thursday.

Siemens had taken the turbines to one of its Canadian factories for maintenance. It said in a statement on Tuesday that it was “impossible” to return the equipment to Russia because of sanctions Canada had imposed on…



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