European Commission Aims to Secure Additional Gas Supplies During Baku Visit

European Commission President von der Leyen will travel to Baku in order to look for additional gas supplies from Azerbaijan as the EU has been scrambling to find alternative energy suppliers amid Russia’s invasion of Ukraine, which prompted the bloc to reduce its reliance on Russian energy. The European Commission issued a statement confirming the visit, saying Russia’s continued weaponization of energy is pushing the EU to diversify its energy imports.

The Commission has already proposed the members a deal with Azerbaijan to increase imports of natural gas and support the expansion of a pipeline for deliveries.

The EU member states have already agreed on a gradual oil embargo on Russia.

Russia has stopped gas exports to several EU members including Poland, Bulgaria and Finland this year following their refusal to pay in roubles. Gas shipments via Ukraine have also been curtailed since Moscow’s Feb. 24 invasion.

Germany has been preparing for all scenarios, including a complete stop to Russian gas supplies even when the regular 10-day maintenance period on the Nord Stream 1 ends later this week.

Russia has denied refusal to continue gas supplies to Europe and says it has been fully complying with its contractual obligations.

Need to access the insight?

Start your 7-day free trial now

Need to access the insight?

Start your 7-day free trial now

Need to access the insight?

Start your 7-day free trial now

Do you need to access special insights on this matter?

Start your 7-day free trial  and become a member today

Subscribe to Top Insights Today

Subscribe to Executive Newsletter Top Insights Today

The Executive Newsletter -Top Insights Today- puts global business events in perspective through special insights

Join the ranks of global executives and subscribe to Top Insights Today

Top Insights Today covers insights on energy, clean-tech, oil&gas, mining, rare earths, defense, aviation, infrastructure, manufacturing, electrical vehicles, big-tech, finance and politics of business

By clicking subscribe you agree to our privacy and cookie policy and terms and conditions of use.

Read more insights

Governments Try to Fight High Fuel Prices with Subsidies, Tax Cuts

From Far East to South America, governments have been announcing fuel subsidies to ease the pressure on consumers from the impact of skyrocketing energy prices after oil soared to 14 year highs.

How Would U.S.-Kenya Investment Partnership Shift Economic Landscape in East Africa?

The United States-Kenya Strategic Trade and Investment Partnership (STIP), which was signed on July 14, outlines the increased engagement and commitment between the two countries, while focusing on the development of investment and sustainable and inclusive growth that would benefit both countries’ businesses and citizens. The agreement also looks to support regional economic integration in East Africa. The Biden administration had announced it would renew its Prosper Africa Initiative a year ago in July 2021 to boost bilateral trade between the U.S. and African nations.

Germany Takes Control of Russian Owned Schwedt Refinery

German government decided to take control of Russian owned Schwedt oil refinery on Friday, as Berlin scrambles to shore up energy supplies and meet commitment to the European Union to eliminate Russian oil imports by the end of the year. The move could meet a retaliatory response from Moscow. Germany’s economy ministry announced it was putting Schwedt refinery, owned by a unit of Russian oil company Rosneft, under trusteeship of the industry regulator. The refinery supplies 90% of Berlin’s fuel. 

Stay informed

error: This content is protected !!