The energy company, which is based in Finland, Sweden and Norway, claimed that it had stopped all purchases of LNG from Russia due to EU sanctions imposed on June 24th, 2024. These sanctions prohibit the purchase of liquefied natural gas originating in Russia through terminals in the European Union that are not connected to the gas network of the EU. The prohibition has come into force on July 26th.
“Gasum has a long-term LNG supply contract with Russian gas company Gazprom Export which was concluded before 2022. The LNG supply contract is a so-called take-or-pay agreement, which means that Gasum has been obligated to pay for a certain amount of gas each year to Gazprom Export, whether it is collected or not. The sanctions adopted by the EU do not allow Gasum to terminate its agreement with Gazprom Export but constitute a force majeure on the purchase or import of Russian LNG to off-grid terminals,” the company noted.
The company notes that this change does not pose any problems in terms of availability of LNG to its customers, as it is able to obtain the required amounts from other countries.
In the first quarter of 2024, the company’s sales volumes increased by 73% compared to Q1 of 2023. Its revenue decreased by 5.6% to EUR 423.7 million (EUR 449 million) due to a decrease in gas market prices. Operating profit was EUR 28 million (EUR – 19.3 million), while adjusted operating profit was EUR -17.9 million (-11 million).
