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Eni expects halt in Russian gas flow to extend into Monday

Stock Markets Oct 01, 2022 03:12PM ET
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© Reuters. FILE PHOTO: The logo of Italian energy company Eni is seen at a gas station in Rome, Italy September 30, 2018. REUTERS/Alessandro Bianchi/File Photo
 
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By Federico Maccioni and Francesca Landini

MILAN (Reuters) -Italy's Eni said it would not receive any of the gas it had ordered from Russia's Gazprom (MCX:GAZP) for delivery this weekend, although the firms said they were working to fix this.

Russian gas supplies through the Tarvisio entry point will be at zero for Oct. 1, Eni, the biggest importer of Russian gas in Italy, said in a statement on its website on Saturday.

The Italian group later added that it would not receive any of the requested imports for Oct. 2, and that the situation was expected to remain the same into Monday.

Moscow and several European countries, including Germany, have been at loggerheads over the supply of natural gas from Russia since the country's invasion of Ukraine in February.

Tensions soared this week after leaks in the Nord Stream 1 and 2 pipelines linking Russia and Germany spewed tonnes of methane into the Baltic Sea, in what the U.N. believes could be the largest leak of the climate-damaging gas ever recorded.

On Saturday, the operator of Nord Stream 2 said gas had finally stopped leaking out, five days after the initial rupture, which both Russia and the West blamed on sabotage.

The European Union says Moscow is using the flow of gas needed for energy in the region as an economic weapon, something that Russia has consistently denied, blaming instead the impact of Western sanctions for any disruptions in supply.

Gazprom said in a statement on Telegram the problem was the result of regulatory changes in Austria. It said gas transit through the country had been suspended after its grid operator refused to confirm transport nominations, or the amount Gazprom planned to ship.

The Austrian government said Gazprom had not signed the contracts needed.

"At the beginning of each gas year, various technical changes in the market model come into force," the energy ministry said in a statement. "Contractual changes are necessary for this. These contracts have not yet been signed by Gazprom. Transport nominations for today could therefore not be accepted. A solution is currently being worked on at the technical level at full speed."

NEW RULES

A spokesperson for Eni said Austria continued to receive gas on its border with Slovakia.

A spokesperson for Austria's OMV said supplies from Russia were not an issue. "The volumes nominated for today's gas day were significantly higher for OMV today than of late," he said.

Italy has secured additional gas imports this year from alternative suppliers to make up for a fall in flows from Russia after the start of the war in Ukraine.

Russian gas now accounts for around 10% of Italian imports, down from around 40%, a source close to the matter said, while the share from Algeria and the Nordics has increased.

Elsewhere, Gazprom cut natural gas supplies to Moldova by around 30%, Vadim Ceban, director of gas firm Moldovagaz, said.

On Friday, Moldova's deputy Prime Minister Andrei Spinu said Gazprom had warned it about the reduction.

Spinu said on Saturday that technical problems caused the reduction and Moldova would ask Gazprom to increase supplies.

Eni expects halt in Russian gas flow to extend into Monday
 

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Comments (7)
Jagdish Bhole
Jagdish Bhole Oct 01, 2022 11:08PM ET
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natural gas demand will increase from Monday if this news spread in market ..commodity will increased
Jagdish Bhole
Jagdish Bhole Oct 01, 2022 11:08PM ET
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natural gas demand will increase from Monday if this news spread in market ..commodity will increased
Jagdish Bhole
Jagdish Bhole Oct 01, 2022 11:08PM ET
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natural gas demand will increase from Monday if this news spread in market ..commodity will increased
Paul Clues
Paul Clues Oct 01, 2022 6:30PM ET
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like any Country sell gas it knows Gas is only around for a limited time so why not up the price and supplyand limit the supply.
Warm Camp
Warm Camp Oct 01, 2022 9:29AM ET
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The only tangible result of “green revolution” is energy shortages and high oil/gas prices. This can continue long enough, because left-wing media continues pumping green agenda on brainwashed masses, trying to extend political support for the bankrupted policies.
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Warm Camp
Warm Camp Oct 01, 2022 9:29AM ET
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Brad Albright  Your objective will cause widespread poverty and destitution, and it will not be achieved anyway. Hope, European failure will make other people smarter and they reverse sooner.
Brad Albright
Brad Albright Oct 01, 2022 9:29AM ET
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Miss information. US domestic electricity from green sources has gone from nearly zero 15 years ago to 25% today.
Warm Camp
Warm Camp Oct 01, 2022 9:29AM ET
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Brad Albright  Obviously, you don’t get it. I talk about total energy output. Find someone to help you with re-reading this thread.
Brad Albright
Brad Albright Oct 01, 2022 9:29AM ET
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Step aside, dinosaur.
Warm Camp
Warm Camp Oct 01, 2022 9:29AM ET
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Brad Albright  Learn something, kiddo.
Farr Ong
Farr Ong Oct 01, 2022 9:14AM ET
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Monday market up or down?
Kartik Bhatt
Kartik Bhatt Oct 01, 2022 9:14AM ET
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down
Warm Camp
Warm Camp Oct 01, 2022 9:14AM ET
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It should open lower in Asia. The rest is in God’s hands.
Alexandros Masoutis
Alexandros Masoutis Oct 01, 2022 9:14AM ET
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Up very strongly
Warm Camp
Warm Camp Oct 01, 2022 8:54AM ET
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Green revolution in motion.
John E
John E Oct 01, 2022 8:54AM ET
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also widespread mismanagement of capital by just about all cfo/ceos including in oil and gas industry. Covid comes and few months of disruption blew all these weak and poorly structured houses right over like big bad wolf
John E
John E Oct 01, 2022 8:54AM ET
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few billion $ in share buybacks? yes please! increase the dividend annually? gotta impress shareholders! Couple months of disruption? Government save me! I'm bankrupt!
 
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