‘No One Size Fits Solution’ to Replace Russian Gas in European Markets
Steam leaves a cooling tower of the Lichterfelde gas-fired power plant in Berlin, Germany, on March 30, 2022.InternationalIndiaAfricaHOUSTON (Sputnik) – There is no single solution to replace Russian gas on the European market, Petronas Chief Operating Officer Adnan Zainal Abidin told Sputnik.”I guess it’s depends. It depends on what will be the best outcome for certain countries, there is no one size fits solution,” the executive said on the margins of the CERAWeek annual energy conference.The Petronas COO added that he is unsure how high oil and gas prices will rise to by the end of the year amid the Ukraine conflict, but added that high prices are not sustainable.After Russia began its special military operation in Ukraine, the West actively searched for ways to limit Moscow’s energy-related income, notably from oil and gas. The effort culminated with a $60 price-cap imposed by G7 member states and Australia on December 5.In response to the price cap, Moscow banned the supply of Russian oil and petroleum products if contracts directly or indirectly provide for a price cap, in a decree signed by President Vladimir Putin in late December.
Nord Stream SabotageLavrov: Russia Will Not Allow West to Blow Up Any More Gas Pipelines3 March, 10:01 GMTMoreover, the Ukraine conflict also stopped the flow of Russian gas to Europe, which led to a spike in gas prices for the energy and shortages that the United States is trying to help alleviate through liquefied natural gas exports.