Gasum

Company

Gas industry
Europe
Espoo
FI-02151, Miestentie 1

Top managers:
Antero Jannes (J? nnes Antero)

Gas Production and Transportation Company in Finland.

Owners:
Gazprom - 25%
Fortum Heat and Gas Oy - 31%
Government of Finland - 24%
E.ON Ruhrgas International GmbH - 20%

Content

2023
2022
- The court ordered the company to pay Gazprom Export a debt of $300 million
- Gas supplies from the Russian Federation through the pipeline were replaced by LNG also from Russia

Owners

+ Government of the Russian Federation

+ Rosneft of the Tax Code

+ Ministry of Finance of the Russian Federation

+ Gazprom

+ Fortum Heat and Gas Oy

+ Government of Finland

+ E.ON Ruhrgas International GmbH

2023

Resumption of LNG purchases in Russia

Finnish Gasum again buys LNG from the NOVATEK and Gazprom Neft Cryogas-Vysotsk project, Reuters wrote in July 2023, citing Refinitiv.

On July 3, the Coral Energice tanker delivered LNG cargo from this plant to the port of Tornio. Legally, Gazprom Export is the exporter of liquefied raw materials.

A Gasum spokesman responded to the agency's request: "I can confirm that we have taken LNG from Vysotsk. Gasum has a long-term contract for the supply of LNG with Gazprom Export, adding then that there is a "take or pay" condition in the contract. In general, it is logical: if you pay, then for real volumes, and not in the form of a fine for default.

Eurochinovniki several times proposed to include Russian liquefied gas in the next sanctions package, nevertheless, this measure did not receive unanimous support from the EU countries.

Termination of the contract with Gazprom on the gas pipeline

In May 2023, Gasum terminated the gas supply contract with Gazprom Export. At the same time, deliveries through the pipeline have not been carried out since May 2022. Gasum notes that it could not resolve the dispute with Gazprom Export within the time frame determined by the court, so it decided to terminate the long-term contract.

The fact is that the Finnish company refused to pay in rubles, and Gazprom is prohibited by presidential decree from selling gas without using the conversion of payments through Gazprombank.

Pause in LNG loading from Novatek project

In early May 2023, Finnish Gasum stopped taking its LNG shipments from the Novatek project. One of the two Gasum-owned tankers - Coral Energice - last entered the port of Vysotsk on April 24 , from where it came out not loaded (the last batch of LNG was exported by the ship on April 12). The second Gasum tanker - Coral Energy - last called at the port of Vysotsk on April 4. Prior to that, tankers took several cargoes each month. Two Gasum gas carriers transported 17.46 thousand and 14.2 thousand cubic meters of fuel, respectively, Kommersant wrote.

Long-term contract with Gazprom Export until 2031

Gasum will continue to purchase Russian gas for many years to come, despite the sanctions. According to the television and radio company Yle for March 2023, the Finnish company is bound by a long-term contract with Gazprom Export. The agreement was concluded until 2022 and is valid until 2031.

2022

The court ordered the company to pay Gazprom Export a debt of $300 million

The Arbitration Court in Stockholm ordered the Finnish Gasum to pay Gazprom Export a debt of more than €300 million ($311 million) for gas supplies.

The Stockholm arbitration recognized the decree of the President of Russia on payment for gas in rubles as force majeure under the contract, confirming the legality of the suspension of supplies.

"The Arbitration Court, among other things, ordered Gasum to pay Gazprom export debts of more than 300 million euros for gas supplies and in connection with the failure to fulfill the" take or pay "obligation, as well as interest for late payment," Gazprom said in a statement on November 17, 2022.

The arbitration also ordered the parties to continue contract negotiations to resolve the situation with further gas supplies.

Gas supplies from the Russian Federation through the pipeline were replaced by LNG also from Russia

Russian gas supplies to Finland will stop at 7:00 Moscow time on May 21, 2022, according to the state gas company Gasum after receiving a notification from Gazprom Export LLC.

In the following days, during the summer season of 2022, the operator will supply its customers with natural gas from other sources - through the Balticconnector pipeline from Estonia.

As reported, Gasum did not accept the demand of the Russian side to switch to a new system for paying for gas in rubles and intends to file a lawsuit in arbitration.

As the Finnish Minister for EU Affairs Titti Tuppurainen previously reported on the pages of the Helsingin Sanomat newspaper, the decision to refuse to switch to payment in rubles was made in the country in early April and brought to the leadership of Gasum. According to Tuppurainen, the new settlement system would be a violation of the sanctions adopted after the start of Russia's special operation in Ukraine.

Finland, having abandoned Russian pipeline gas, buys LNG from the Cryogas-Vysotsk plant, its load does not subside, Novatek reported in June 2022.

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