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Finland is prepared for Russia cutting its gas provides, says minister & More Trending News

 

HELSINKI, May 5 (Reuters) – Finland is prepared for the potential of its jap neighbour Russia cutting off its gas deliveries, a authorities minister informed Reuters, forward of the Nordic nation’s determination on whether or not to hitch NATO.

The Finnish authorities stated on April 28 it will not abide by Russia’s demand for gas funds to be made in roubles, which may result in Russia cutting off its gas provides this month, as has occurred in Poland and Bulgaria. learn extra

Finland’s state-owned gas operator Gasum is as a consequence of reply this month to a letter on the rouble funds from Russia’s Gazprom (GAZP.MM). A supply aware of the matter informed Reuters the deadline for its response is May 20.

The nation is additionally as a consequence of announce as quickly as subsequent week if it is going to be part of the Western defence alliance NATO, which Russia has warned it towards doing. That has added to fears that Russia may attempt to blackmail it by halting gas deliveries. learn extra

“Finland is prepared for the possibility that gas deliveries from Russia would end,” Finland’s Minister of European Affairs Tytti Tuppurainen informed Reuters.

Tuppurainen stated measures Finland had taken to organize embody sustaining different power sources, and the federal government additionally just lately introduced that it’s going to lease a floating LNG terminal with Estonia. learn extra

Roughly 60-70% of the gas utilized in Finland originates from Russia. However, it accounted for little greater than 5% of the nation’s whole power consumption final yr, Statistics Finland’s preliminary information confirmed, with oil, wood-based biomass and nuclear energy being the principle sources of power.

Most pure gas is utilized in industrial manufacturing, gas markets knowledgeable Heikki Lindfors of Finnish Energy curiosity group stated.

“The share of gas in Finland’s total consumption is small in percentages, but it is used by industrial sectors in which it cannot be easily replaced,” he stated, including some corporations may find yourself having to cease their manufacturing.

The largest person is Finland’s chemical business, which incorporates power group Neste’s (NESTE.HE) oil refining actions in Porvoo.

Neste’s outgoing Chief Executive Peter Vanacker informed Reuters final week that checks to see whether or not the group may use different fuels similar to propane to interchange gas had been profitable.

“We feel that we are quite ready for this,” Vanacker stated, referring to the potential of Russian deliveries ending.

Finland’s forest industries are the second largest person of pure gas. Major paperboard and pulp producer Metsa Group, stated it was wanting into options to gas.

“In practice, the alternative to Russian natural gas is mainly liquefied natural gas or oil,” it informed Reuters.

Forestry group Stora Enso (STERV.HE) stated it had already changed Russian pure gas with LNG in any respect its models.

Its peer UPM (UPM.HE) stated it makes use of gas flows it will get through Finnish-Estonian BalticConnector pipeline from Western suppliers however is however getting ready for the potential of short-term disruptions.

“However, we cannot replace all our gas usage,” it stated.

(This story corrects paras 15-17 to say that Stora Enso, not UPM, has changed Russian gas in its manufacturing)

Reporting by Anne Kauranen and Essi Lehto

Our Standards: The Thomson Reuters Trust Principles.

Finland is prepared for Russia cutting its gas provides, says minister

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Finland is prepared for Russia cutting its gas provides, says minister

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