https://sputniknews.com/20230307/no-one-size-fits-solution-to-replace-russian-gas-in-european-markets-says-petronas-executive-1108132894.html
‘No One Size Fits Solution’ to Replace Russian Gas in European Markets, Says Petronas Executive
‘No One Size Fits Solution’ to Replace Russian Gas in European Markets, Says Petronas Executive
There is no single solution to replace Russian gas on the European market, Petronas Chief Operating Officer Adnan Zainal Abidin told Sputnik, on the margins of the CERAWeek conference.
2023-03-07T01:23+0000
2023-03-07T01:23+0000
2023-03-07T01:23+0000
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The Petronas COO added that he is unsure how high oil and gas prices will rise to by the end of the year amid the Ukraine conflict, but added that high prices are not sustainable.After Russia began its special military operation in Ukraine, the West actively searched for ways to limit Moscow’s energy-related income, notably from oil and gas. The effort culminated with a $60 price-cap imposed by G7 member states and Australia on December 5.In response to the price cap, Moscow banned the supply of Russian oil and petroleum products if contracts directly or indirectly provide for a price cap, in a decree signed by President Vladimir Putin in late December.Moreover, the Ukraine conflict also stopped the flow of Russian gas to Europe, which led to a spike in gas prices for the energy and shortages that the United States is trying to help alleviate through liquefied natural gas exports.
https://sputniknews.com/20230303/lavrov-russia-will-not-allow-west-to-blow-up-any-more-gas-pipelines-1107973280.html
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russian gas, europe gas market, ceraweek conference, petronas chief operating officer adnan zainal abidin
russian gas, europe gas market, ceraweek conference, petronas chief operating officer adnan zainal abidin
HOUSTON (Sputnik) – There is no single solution to replace Russian gas on the European market, Petronas Chief Operating Officer Adnan Zainal Abidin told Sputnik.
“I guess it’s depends. It depends on what will be the best outcome for certain countries, there is no one size fits solution,” the executive said on the margins of the CERAWeek annual energy conference.
The Petronas COO added that he is unsure how high oil and gas prices will rise to by the end of the year amid the Ukraine conflict, but added that high prices are not sustainable.
After Russia began its special military operation in Ukraine, the West actively searched for ways to limit Moscow’s energy-related income, notably from oil and gas. The effort culminated with a $60 price-cap imposed by G7 member states and Australia on December 5.
In response to the price cap, Moscow banned the supply of Russian oil and petroleum products if contracts directly or indirectly provide for a price cap, in a decree signed by President Vladimir Putin in late December.
Moreover, the Ukraine conflict also stopped the flow of Russian gas to Europe, which led to a spike in gas prices for the energy and shortages that the United States is trying to help alleviate through liquefied natural gas exports.
