EU inks first deals on joint gas purchasing

Oil&Gas Materials 10 June 2023 11:58 (UTC +04:00)
Laman Zeynalova
Laman Zeynalova
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BAKU, Azerbaijan, June 10. The European Union has already signed the first deals on joint gas purchasing on the EU Energy Platform, said Maros Sefcovic, Vice-President of the European Commission for Interinstitutional Relations, Trend reports.

“I am pleased to report that the first contracts have already been signed. I am confident that more deals will be signed, as many contracts are being negotiated following the first matching done on the Platform,” he said.

He pointed out that the EU Energy Platform, designed for joint gas purchasing, is proving to be highly effective, yielding tangible outcomes.

Sefcovic believes that with a favorable market response and extensive political support, the continuation of joint purchasing is strongly advocated.

The remarkable achievements of this model suggest that it could serve as a blueprint for other critical resources, such as hydrogen and essential raw materials, in the long run, according to the EU Commission’s Vice-President.

“We need to explore all avenues to continue strengthening the competitiveness of our economy and to secure stable supplies of gas at sustainable prices for our households and industry,” he added.

With the objective of preventing EU countries from engaging in bidding wars and fostering coordination, the EU Energy Platform aims to facilitate unified action and negotiations with external upstream suppliers. Leveraging the EU's significant gas consumption as one of the world's largest consumers, the platform strives to secure improved conditions for all EU consumers.

Initiated in April 2022, in response to the European Council's mandate to diversify gas sources away from Russia, the platform encompasses various measures concerning natural gas, LNG, and potential future inclusion of hydrogen. Its primary focus is to safeguard the EU's energy security, ensuring access to affordable energy. Key activities include international outreach, demand aggregation, and optimizing the utilization of EU gas infrastructure.

By bolstering cooperation and leveraging the collective strength of EU member states, the Energy Platform seeks to enhance the security of gas supply, promote affordable energy access, and foster a more resilient energy landscape within the European Union.


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