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Gas price in Europe equals around $2,100 following South Stream license revocation report

It is noted that the total rise in the gas price since the beginning of the day has reached 10%

MOSCOW, September 30. /TASS/. The price of gas in Europe rose to $2,100 per 1,000 cubic meters during Friday trading amid reports of an early termination of the export license of South Stream Transport B.V., the operator of the TurkStream pipeline, due to new EU’s sanctions, according to data provided by London’s ICE. The total rise in the gas price since the beginning of the day has reached 10%.

The price of gas futures for November delivery at the TTF hub in the Netherlands went up to $2,087 per 1,000 cubic meters, or 205.995 euro per MWh (on the basis of the current euro exchange rate against the dollar, prices at ICE are in euro per MWh).

On Thursday, the operator of the TurkStream pipeline said its export license was prematurely revoked on September 18 as a result of new sanctions by the European Union. That said, new sanctions do not restrict further transportation of gas by the company to Turkey or European countries, whereas the firm had applied to renew the export license, expecting a reply from restrictive state bodies of the Netherlands.

TurkStream is a gas pipeline laid across the Black Sea to deliver Russian gas to Turkey and European countries. Its total length is about 1,100 km and the total capacity is 31.5 bln cubic meters annually. The pipeline was formally commissioned in January 2020.