EU gas tender receives overwhelming response from global suppliers


(MENAFN) The European Commission announced on Wednesday that the latest gas tender initiated by the European Union has garnered significant interest from international companies, with offers to supply nearly three times the required quantities. In a statement issued by the Commission, it was revealed that the tender, which commenced earlier in the month, attracted offers from global suppliers totaling 97.4 billion cubic meters of gas, surpassing the demand of 34 billion cubic meters from 19 European companies.

The buyers participating in the tender expressed their interest in acquiring approximately 15 billion cubic meters of liquefied natural gas (LNG) and 18 billion cubic meters of pipeline deliveries. This overwhelming response underscores the robust demand for gas within the European market and reflects the ongoing efforts of the European Union to secure diversified and reliable energy sources.

The Joint Procurement Mechanism, launched by the European Union for its member states last year, is one of several emergency measures implemented in response to the energy crisis triggered by the conflict in Ukraine. This crisis has led to a reduction in gas supplies from Russia to Europe, prompting the EU to adopt proactive measures to mitigate the impact on its member states' energy security.

The significant interest generated by the latest gas tender highlights the importance of collective action and cooperation in addressing energy challenges and ensuring the resilience of Europe's energy infrastructure. By leveraging joint procurement mechanisms and fostering partnerships with international suppliers, the European Union aims to enhance its energy security and meet the growing energy needs of its member states.

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