Saturday, June 14, 2025

Latest

Gazprom Reportedly Activated Force Majeure On Major Nord Stream Supply Obligation

The feared gas doomsday might arrive earlier than anticipated after Russian state-run oil firm Gazprom has reportedly declared the force majeure clause on at least one of its gas contracts.

In a letter seen and reported on by Reuters, the Russian oil giant communicated to at least one major customer that it would not be able to fulfill its obligations to supply gas through the Nord Stream 1 pipeline due to “extraordinary” circumstances beyond its control.

The gas pipeline, currently shut off for annual maintenance, is set to end the routine and go back online by July 21. However, many fear that with the escalating sanctions against Russia, President Vladimir Putin might choose to retaliate and keep the pipeline closed after maintenance.

Fears of a total cutoff have found more substantiation as Gazprom said on Wednesday–just after starting the 10-day maintenance–it cannot guarantee a “good functioning” of the Nord Stream pipeline as it is unsure if a “critical turbine engine” currently in repair will be returned in time from Canada.

On Sunday, Canada said the turbine has already been repaired and has been sent for the Nord Stream pipeline to Germany by plane that day.

Turbine problem was also the reason pointed to by the Russian state-run gas firm for why it reduced its gas deliveries to 40% through the pipeline starting June 14. Siemens apparently delayed the return of turbines required to conduct repairs on the pipeline.

In a scenario study released by the European country’s Federal Network Agency, only by reducing gas exports and keeping import levels from the Nord Stream 1 pipeline can the country achieve its set gas storage level goals.


Information for this briefing was found via Reuters. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Aznalcóllar Corruption Case Nears Conclusion | David Gower – Emerita Resources

Why Precious Metals Crashed on Trump’s Trade Deals? | Jesse Day

Big Gold Miners Don’t Trust $3,300 Gold, Do They See a Crash Ahead? | Rob McEwen

Recommended

NexGen Energy Receives Approval For Site Expansion At Rook I Project

ESGold Sees Installation Of Humphrey Spirals Completed At Montauban

Related News

Russian Energy Giant to Slash Head Office Workforce by 40%

Gazprom, Russia’s state energy corporation, plans to cut 1,600 positions at its St. Petersburg headquarters...

Tuesday, January 14, 2025, 02:07:00 PM

Gazprom Missed 2021 Natural Gas Export Targets as Europe Underwent Massive Energy Supply Shortage

Russian-owned gas company Gazprom failed to meet its own European export targets for 2021, which...

Tuesday, January 4, 2022, 04:24:00 PM

European Commission: Nord Stream 1 Not Expected to Restart Following Maintenance

The European Commission is not anticipating the Nord Stream 1 pipeline to restart following the...

Tuesday, July 19, 2022, 09:44:00 AM

Natural Gas Prices Soar After Gazprom Announces Another ‘Routine Maintenance’ Shutdown

A major Russian pipeline shipping natural gas to Europe is expected to go offline for...

Monday, August 22, 2022, 02:05:00 PM

Gazprom Halts Nord Stream Gas Shipments Indefinitely Due to Leakage

Natural gas shipments to Europe via Nord Stream 1 have been completely halted due to...

Friday, September 2, 2022, 02:40:24 PM