Natural gas in Ukraine

Natural gas prices in Europe experienced a significant spike, surpassing 2% to reach 29 euros per megawatt-hour (MWh) on Monday. The surge came after reports emerged of a Russian attack on an underground natural gas storage facility in Ukraine. Despite the escalation, Ukraine's state energy company Naftogaz assured that gas supplies to Ukrainian consumers remained unaffected.

Türkiye is rapidly emerging as a natural gas producer in Europe, with its annual production projected to reach 13 billion cubic meters (bcm) by 2050, according to a report by the Gas Exporting Countries Forum (GECF).

In the current year, the country's natural gas production is anticipated to reach 1.6 bcm, driven by the commencement of the first phase of the Sakarya field, it said.

The price of natural gas fell to a record low on the Dutch stock exchange, whose prices are a reference for trade in Europe, "Reuters" reported.

The price of June gas on the Amsterdam Exchange reached €24.90 per megawatt hour (MWh) in the morning - the lowest level since May 27, 2021.

The price of gas in Europe approached 0 per 1,000 cubic meters on Monday, according to the ICE exchange.

Thus, the price of the October futures on the TTF hub in the Netherlands on Monday reached 7 per 1,000 cubic meters, or 59.585 euro per MWh.

At the end of last week, the price of gas in Europe exceeded 0, and then 0 per 1,000 cubic meters.

Turkey's natural gas imports from Russia declined by 36 percent on an annual basis to 8.1 billion cubic meters in the first half of 2019, data published by Russia's Gazprom has shown.

Russia's energy company Gazprom will extend the TurkStream natural gas pipeline's second string to Bulgaria, according to Russian newspaper Kommersant on Thursday, reported Anadolu Agency

Kommersant claimed that Russian gas would flow from Turkey to Bulgaria, Serbia, Hungary and Slovakia.

The Working Group of the Energy and Water Regulatory Commission proposes to increase its natural gas price by 13.89% from 1 October. Unlike before, the experts' analyzes have confirmed Bulgargaz's request for price increase, which was introduced on September 10th.

The weakness of the Turkish Lira against the U.S. dollar has placed an extra 11 billion lira ($3.82 billion) burden on Turkey?s natural gas bill since the beginning of the year, Energy Minister Taner Y?ld?z said on Aug. 19.

Ukraine's state-owned utility Naftogaz has said it will stop purchasing gas from Russian energy giant Gazprom as of July 1, until a pricing dispute has been settled.

Kiev maintains the price of USD 247 per 1000 cubic meters currently proposed by the Russian concern is not acceptable, and that the rate should be slightly above USD 200.

Russia and Ukraine have signed a new temporary gas agreement. Over the next three months the latter will buy the fuel at a price of USD 248 per 1,000 cubic meters, marking a decrease from the previously agreed price of USD 329. The policy will be implemented in the second quarter of the current year and the subsequent negotiatiations will follow.