The end of the contract, which included 2 billion cubic meters of gas to GasTerra through the end of September, caused a brief spike in gas prices on the Amsterdam stock exchange. GasTerra, which is based in Groningen, is the largest gas trader in the Netherlands.
According to De Telegraaf, the deal between the two gas companies reportedly came to an end following disputes over currency: Gazprom demanded that payment be fulfilled in rubles. However, GasTerra refused due to EU sanctions on the Russian currency due to the ongoing war in Ukraine.
“This decision has no consequences for the physical supply of gas to Dutch households. GasTerra has purchased extra gas in preparation for this situation,” Minister of Climate & Energy Rob Jetten said in an interview with the national broadcaster NOS. According to Jetten, prolonging gas extraction in Groningen is not currently being considered and would only be the “absolute last resort” should the situation grow too dire.
This standpoint was echoed by Partij van de Arbeid (Labour) MP Joris Thijssen, who declared that mining gas in Groningen was “absolutely out of the question.”
The Netherlands isn’t the first country to lose its gas supply from Gazprom, reports De Telegraaf. Poland, Finland, and Bulgaria have reportedly also ended deals with Gazprom following similar circumstances revolving around EU sanctions on the Russian ruble.
The exact nature of the deal as well as the year’s percentage gas loss resulting from the termination remain murky, with GasTerra declining to comment on details not expressly mentioned in their press release regarding the situation.
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