EU to Flex Collective Buying Clout in Gas Market Next Month
- Europe seeks to lower energy prices, secure stable supplies
- EU’s Sefcovic says more than 50 gas sellers express interest
The EU will organize joint purchases on a regular basis to ensure the bloc has enough gas.
Photographer: Jasper Juinen/Bloomberg
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The European Union plans to take its first steps into the global natural gas market as a buyers’ club next month as it seeks to drive down energy prices.
Initial estimates put joint demand from the bloc’s 27 nations and three neighboring countries at 24 billion cubic meters over the next three years, according to European Commission Vice President Maros Sefcovic. After the tender is launched in April, the EU expects the first contracts with suppliers from the US to the Middle East and Africa to be signed around June.