HomeNewsFinland's Gasum resumes LNG purchases from Russia's Kryogaz

Finland's Gasum resumes LNG purchases from Russia's Kryogaz

7/18/2023

(Reuters) - Finnish energy provider Gasum has resumed liquefied natural gas (LNG) purchases from the Kryogaz-Vysotsk plant controlled by Russia's Novatek, Gasum said and Refinitiv ship-tracking data showed on Tuesday.

Leonid Mikhelson, head of Novatek, last month said that Gasum had not been taking LNG from the project since April. The Kommersant daily had reported in May that Gasum had not been taking LNG cargoes from the plant for about a month, citing data from analytics group Kpler.

Refinitiv data showed the Coral Energice tanker delivered an LNG cargo from Kryogaz-Vysotsk to the Finnish port of Tornio on July 3.

Gazprom Export, a subsidiary of Russian energy giant Gazprom , acts as exporting agent for gas sales from the plant.

"I can confirm that we have picked up LNG from Vysotsk. Gasum has a long-term LNG supply contract with Gazprom Export," a Gasum spokesperson said in emailed comments, adding that there have been no changes to its take-or-pay agreement.

A take-or-pay provision obliges the buyer in a sale of goods contract to either buy or take delivery of a minimum quantity of goods or pay the seller a penalty.

Novatek and Gazprom Export did not respond to requests for comment.

Gazprom halted pipeline gas exports to Finland in May 2022, demanding that European countries pay for Russian pipeline gas supplies in roubles because of sanctions imposed over Moscow's actions of Ukraine.

Finland has refused to comply with those demands.

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