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Success of EU Joint Gas Purchases Unclear Despite 65 Firms Joining

NATURAL GAS

The EU is aiming for the first deals from the new EU joint gas buying scheme to be signed in June or July but it is not yet known how much procurement will happen.

  • A total of 65 firms signed up to the new platform but it’s still unclear whether top importers such as Uniper or Engie will use the mechanism.
  • Government officials in Japan and South Korea also recently discussed buying fuel together to help reduce costs but uncertainty remains over whether it will translate into action. Buyers in Japan, South Korea and China signed a deal back in 2017 to explore cooperating on LNG trading but nothing actually happened.

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