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Unique: Russia’s Gazprom pronounces drive majeure on some fuel provides to Europe

A view reveals a display screen with the Gazprom emblem on the Saint Petersburg Worldwide Financial Discussion board (SPIEF) on June 17, 2022 in Saint Petersburg, Russia. Reuters/Anton Vaganov/

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LONDON, July 18 (Reuters) – Russia’s Gazprom (GAZP.MM) has introduced a drive majeure on the provision of fuel to a minimum of one main buyer to Europe, in response to a letter from Gazprom, fueled by European fears of gasoline shortages. will enhance.

Dated July 14 and seen by Reuters on Monday, the authorized drive of the letter is to defend Gazprom from paying compensation for disrupted provides, however dangers escalating tensions between Russia and the West over the invasion of Ukraine, which Moscow has referred to as “particular”. navy operation”. ,

The letter stated Gazprom, which has a monopoly on Russian fuel exports by pipeline, couldn’t meet its provide obligations as a consequence of “extraordinary” circumstances.

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It stated the drive majeure clause, invoked to carry a enterprise from contractual obligations as a consequence of components past its management, was retroactively efficient from supply starting June 14.

A enterprise supply, who requested to not be recognized because of the sensitivity of the difficulty, stated the letter involved provides by way of the Nord Stream 1 pipeline, a serious provide path to Germany and past.

Gazprom had no fast remark.

The Nord Stream 1 pipeline is closed for annual upkeep, which is to be accomplished on July 21, however a few of Gazprom’s European prospects are nervous provides is not going to resume. learn extra

One in all them, the Austrian oil and fuel group OMV (OMVV.VI), stated on Monday that it anticipated fuel supply from Russia by way of the Nord Stream 1 pipeline to renew as deliberate. learn extra

turbine delay

Gazprom introduced on 14 June Germany by the pipeline underneath the Baltic Sea, citing delays within the turbine being in-built Canada by gear provider Siemens Power (ENR1n.DE), even earlier than upkeep of the Nord Stream started on 11 July. shipments had been decreased.

Gazprom’s declaration of drive majeure is efficient June 14, liberating it from compensation for any shortfalls since then.

The European Union, which has imposed sanctions on Moscow, goals to cease utilizing Russian fossil fuels by 2027, however desires to maintain supplying to develop different sources.

Russian fuel provides have fallen off main routes by Ukraine and Belarus and thru the Nord Stream 1 underneath the Baltic Sea.

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Reporting by Julia Payne; Enhancing by David Goodman, Edmund Blair and Barbara Lewis

Our Requirements: Thomson Reuters Belief Ideas.

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