Athens and Moscow are looking for a for softer prices “formula” on Russian gas

In the shadow of the energy crisis in Europe but also of the frosty EU- Russia relations, because of Nord Stream 2, Athens and Moscow are in negotiations for the gas supply contract between Gazprom and DEPA Commercial.

The Greek government is trying to provide discounts to gas consumers in 2022, as fuel prices continue their frantic course. Yesterday at the Dutch hub the TTF jumped to 100 euros/MWh, while, at the same time, the government is trying to ensure a more competitive energy mix for electricity generation by betting on the long-standing relationship of trust that has been built between Greece and Russia.

On the other hand, Moscow is facing the demands of Brussels for the independent operation of the Nord Stream 2 pipeline, which will transport large quantities of Russian fuel to Germany and the EU. The project has been blocked and Gazprom is losing further strength in Europe's energy market.

The requirements

Under the aforementioned conditions, yesterday Vladimir Putin and Kyriakos Mitsotakis met for the first time. In Sochi, Russia, the Greek Prime Minister saw for the first time, in this capacity, the powerful President of the Russian Federation.

According to information, the issue of gas supply and prices was also on the table, something that was made evident from their statements, although both men sought to keep the issue low-key.

Gazprom covers about 40 to 45% of the country's annual gas needs. Around 2 billion cubic meters are bought by the state DEPA Commerial and a total of 1 billion euros are supplied by the Kopelouzos group and Mytilineos. The quantities that arrived in Greece in this 11 months broke every record.

Putin and Mitsotakis reportedly...

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