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Greek Energy Minister Skrekas in Russia for cheap gas

Total gas reserves in Greece are less than even a single year of gas consumption, making the country highly dependent on natural gas imports in order to substain its consumption levels

Greek Energy Minister Skrekas in Russia for cheap gas

Source: Gazprom Press Office

St. Petersburg, December 7 - Neftegaz.RU. The Minister of Energy Kostas Skrekas is paying a visit to St. Petersburg, where the headquarters of the Russian gas giant Gazprom is located, Greek press reported.

The Greek minister is expected to have contacts with the leadership of the Russian company in view of the preparation of the visit of Greek Prime Minister Kyriakos Mitsotakis to the Russian city of Sochi next Wednesday.

Although the agenda of the Putin-Mitsotaki meeting has not yet been announced, it is considered certain that reference will be made to energy issues.
As it is known, Russia currently supplies 45 % of natural gas consumed in Greece as well as nearly 10 % of the country’s crude oil, making today’s talks pivotal for the competitiveness of Greek industry and living standards of households amid the energy crisis.

During his visit, Skrekas is expected to meet with Gazprom’s CEO Alexey Miller and possibly with his Russian counterpart Nikolai Shulginov.

The goal of the Greek side is to achieve a reversal of the terms of the gas supply contract, so that import prices are determined to a greater extent by the price of crude oil and less by international fuel prices at the Dutch hub (TTF).
The reason is obvious as international gas prices have risen significantly and are above 90 EUR/MWh.

Greece is heavily dependent on natural gas, which continues to support the country’s power production at a growing rate, while the fuel’s share in the area of industrial and domestic consumption is also expanding.

Greece is set to play a bigger role in the regional gas market in the coming years, with the country set to become a gateway for LNG supplies into Southeast Europe with both the 7 Bcm/year Revithoussa import terminal and the planned 5.5 Bcm/year FSRU at Alexandroupolis expected to serve the wider regional market.

In 2020, Gazprom supplied 3 billion m3 of gas to Greece.

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