Minister: German natgas supplies secure without Ukraine transit

The German Economy Ministry said on Tuesday that Germany's and neighbouring countries' natural gas supplies are safe even if the transit through Ukraine was cut off.

The ministry stated that Germany's terminals for liquefied gas (LNG), even those without access to the coast, are an insurance against a natural gas shortage, including in countries outside of Europe.

Ukraine informed Slovakia Monday that they will not be extending their gas transit agreement between Russia and Ukraine after its expiration at the end 2024. Slovakia, Austria, and Hungary still receive a large proportion of their gas via this route despite the conflict in Ukraine.

The ministry stated that companies from other EU members states can use the capacities of the German LNG terminals.

After the start of World War II, Germany put all its efforts into building LNG terminals in order to reduce dependence on Russian pipelines.

Storage facilities are now over 95% full and prices are back to normal, compared to the soaring levels at the beginning of the war, in February 2022. (Reporting and editing by Markus Wacket, Madeline Chambers and Miranda Murray)

(source: Reuters)