19:30 / 03.05.2022.

Author: Domagoj Ferenčić

EU continues efforts to phase out its dependence on Russian energy

Krk floating LNG terminal

Krk floating LNG terminal

Foto: Nel Pavletic / PIXSELL

As Russia is now only taking payment for natural gas in Rubles, Europe is looking to secure other sources for gas. Europe gets about 40% of its natural gas from Russia, and Russia is also the main oil supplier for the 27 country bloc.

On Monday the European Network of Transmission System Operators for Gas - which brings together gas transmission companies from European Union countries - published an analysis of what will happen if Russia stops supplying gas. According to the report, if Russia cuts off gas supplies to the European Union, Croatia will only be able to fill a maximum of 30% of its gas storage capacity.


However, the Croatian Economy Ministry responded to the report on Tuesday, noting that the report only deals with data from before the Krk LNG terminal came online. The ministry says that the new LNG terminal, a floating unit off the coast of the Island of Krk, has significantly increased the country's energy independence. The Krk LNG regasification terminal near the town of Omišalj on the island of Krk, began operations on January 1st of 2021. It has a full capacity of 2.6 billion cubic meters annually and is booked at full capacity for the next three years.


The EU is hoping to have similar terminals in other EU countries, to ensure a secure flow of energy into the union. On Tuesday Greece and Bulgaria launched works on a new joint liquefied natural gas facility to be built off the northern Greek port of Alexandroupolis would help create a new gas route for Europe and cut reliance on Russian gas at a crucial moment. The President of the European Council, Charles Michel, was also on hand for the event and commented on a broad EU move away from Russian gas: "I firmly believe we are seeing a new dawn for European energy independence. This is a very strong and it's a very positive step for our common political project. Because it will help to diversify our gas supply. It will help to bolster our energy infrastructure, and to phase out our dependence on Russian fossil fuels."


Source: HRT

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