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Economy

Worried Russia Will Cut Off Gas, Greece Looks for Other Supplies

ATHENS – Fearing that supporting European Union sanctions over the invasion of Ukraine could see Russia cut off Liquiefied Natural Gas to the bloc, Greece’s gas grid operator is looking to get it somewhere else in case.

Greece gets some 40 percent of its energy from Russia, in line with what is delivered to the bloc but so far the sanctions exclude Russian banks dealing with gas and oil payments and EU countries are still buying it.

Greece’s Energy Ministry said the gas grid operator is reviewing plans on additional cargos that might be needed if Russia halts gas supplies to the country, said Reuters in a report.

The demand by Russia over payments in roubles for its gas, which meets a third of Europe’s annual energy needs, has raised fears that it could turn off gas supplies, the news agency said.

Greek officials held an emergency meeting with the energy regulator, gas and power transmission operators and its biggest gas and power suppliers to assess all available scenarios about gas supply security, it was said.

Along with additional LNG supplies, the government has asked grid operator DESFA to examine the cost for adding a floating tank at the country’s sole LNG terminal off Athens, the ministry said in a statement.

By April 5, DESFA will also need to notify the energy ministry on the progress made in talks with Italy’s Snam about whether Greece can have strategic gas quantities stored underground in that country.

Russian gas is delivered to Greece via a pipeline which bypasses Ukraine although Greece also purchases some gas supplies from Azerbaijan, Algeria, Turkey and the United States.

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