The European Union intends to launch a mechanism for joint gas purchases in the near future

The European Commission intends to launch a mechanism for joint gas purchases for the European Union no later than the end of the current quarter, European Commissioner for Economics Paolo Gentiloni said at a press conference.

“We intend to launch the joint procurement tool no later than the end of the current quarter in order to support the filling of the storage before the next heating season,” he said.

In December last year, the European Union agreed on the creation of a mechanism for joint purchases of at least 13.5 billion cubic meters of gas from the European Union in 2023. Within the framework of this mechanism, the gas companies of the union and companies consuming gas in the EU countries will present their needs for its import. It will be mandatory to collect applications for approximately 13.5 billion cubic meters from all countries of the union, that is, 15% of the obligations of the EU states to fill underground gas storage facilities.

A special organization will then have to look for gas offers on world markets for joint purchases. Companies participating in the mechanism will be able to decide whether to buy gas collected through this organization or not.

It will be impossible to buy Russian gas through this mechanism.

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