The proposals are set to be worked out in close cooperation with Rosneft management and rival energy major Gazprom by March 1, Interfax news agency reported on Tuesday.
Gazprom energy supplies
Gazprom currently holds a monopoly on European gas supplies.
The project was initially proposed by Rosneft chief executive Igor Sechin with the purpose of lowering gas prices across Europe and generating additional budgetary income.
On Tuesday, the price of December futures on the TTF hub in the Netherlands saw another surge of 7.5% to $1,130 per 1,000 cubic meters, or to €95 per megawatt-hour (MWh) in household terms.
European politicians have accused Russia of withholding deliveries
Rising energy prices have been attributed to a variety of factors, including depleted EU reserves, post-pandemic consumption growth and strong demand in Asia for available supplies of liquefied natural gas.
Some European politicians have accused Russia of withholding deliveries of natural gas amid the latest delays in the EU’s certification of the Nord Stream 2 pipeline. Russia says it is meeting all its contractual obligations with its European customers.
Russia news – pipeline into Europe
Gazprom delivers natural gas to Europe using a number of routes. They include supplies through the pipeline networks of Ukraine and Belarus, as well as the operational Nord Stream pipeline via the Baltic Sea.
With the pipelines running through Ukraine and Belarus reportedly underused, Rosneft hopes to supply additional volumes of gas to Europe if it secures export rights.
Moreover, an agreement between Rosneft and Gazprom is expected to speed up the launch of the Nord Stream 2 pipeline, as it would allow the project to comply with EU requirements. The gas directive, approved by Brussels in February 2019, forbids the same company from delivering and selling gas within the bloc. The move would also help Russia boost its share of global gas exports.
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