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Gazprom: Russia boosts gas supplies to Italy by nearly 16% this year

Natural gas, electricity and fuel prices have risen to record levels in Europe. Italy is particularly vulnerable to price shocks as it is highly dependent on imports and consumes a large amount of gas.

Gazprom: Russia boosts gas supplies to Italy by nearly 16% this year

Moscow, October 25 - Neftegaz.RU. Russian state energy giant Gazprom increased natural gas exports to Italy by 15.9% in January through October 2021, compared to the same period last year, RT reported.

According to the company’s report, in 2020, Gazprom supplied Italy with 20.8 billion m3 of natural gas.
The blue fuel is supplied to Italy under 3 long-term contracts between Russia’s main natural gas exporter, Gazprom Export and the Italian branch of multinational energy major Eni.

Gazprom CEO Alexey Miller and Eni CEO Claudio Descalzi recently held a working meeting in St. Petersburg, where the parties discussed further cooperation in the gas sector, as well as prospects for low-carbon development of European energy.

Russian officials have repeatedly stressed the stability that long-term contracts in the energy sector bring, as opposed to the volatility of spot sales, which have exposed Europe to the current energy crisis, with gas prices smashing records earlier this month, reaching an unprecedented $1 900 per 1 000 m3.

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