Rising gas prices ,
Jan 15, 2:16 pm
Novak: Long-term contracts are needed to increase gas supplies to Europe
According to him, for the growth of supplies, long-term contracts are needed, since any production is an “investment project that takes time” before it pays off. Novak stressed that Russia is not to blame for the gas crisis in Europe
Photo: Andrey Rudakov / Bloomberg
Russia can increase gas supplies to Europe, but long-term contracts are needed for this, Russian Deputy Prime Minister Alexander Novak said on the air of Rossiya 1.
“We can supply [больше газа], we have huge resources, but any production is an investment project that takes time for the project to pay off and attract investment. <...> Therefore, we have always advocated that long-term contracts, first of all, be the system of energy security for consumers that such energy carriers use,” Novak said.
He stressed that last year Russia fulfilled all of its long-term supply contracts.
On the air of the TV channel, the Deputy Prime Minister commented on the words of the head of the International Energy Agency (IEA) Fatih Birol, who accused Gazprom of the energy crisis in Europe. The Deputy Prime Minister said that the IEA is trying to “shift from a sore head to a healthy one” the problems of European consumers. “Certainly, neither Gazprom nor Russia in general is to blame here,” he stressed.
He called the reason for the crisis the “short-sighted policy of the European Union”, which in recent years has refused long-term contracts.