(MENAFN) The resumption of Russian gas shipments to Italy via Austria has reduced European gas costs somewhat.
The corporation stated in a message on Telegram on Wednesday that it had come up with a plan with Italian purchasers to get around the regulatory changes in Austria at the end of September that were impeding transit flows. This led to a drop in benchmark gas futures of as much as 3 percent.
Eni SpA, the largest energy provider in Italy, announced in a business statement on Wednesday that gas flows have resumed. A resolution appears to have been reached, according to Austria's regulatory body E-Control.
A dispute over regulations caused the suspension of gas supplies to Italy through a pipeline that runs through Austria on Saturday. This incident shows how dependent Europe is on Russian flows even after the Nord Stream supply line was shut down permanently. After massive gas leaks in Danish and Swedish seas were caused by sabotage of the Nord Stream equipment, there has been significant uncertainty over Russia's next action.
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