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Price of gas in Europe soars after news about gas pipeline explosion in Chuvashia

It is reported that now emergency services have already extinguished the blaze on the gas pipeline

MOSCOW, December 20. /TASS/. The price of gas in Europe leapt to almost $1,260 per 1,000 cubic meters following news about an explosion at the gas pipeline Urengoy-Pomary-Uzhgorod in Russia’s republic of Chuvashia, according to the London ICE Exchange.

Since the beginning of the day the price has increased by more than 5%.

The price of January futures at the TTF hub in the Netherlands rose to $1,258 per 1,000 cubic meters or 114.325 euros per MWh (based on the current euro/dollar exchange rate, ICE prices are in euros per MWh).

Earlier, it was reported that an explosion occurred at the Urengoy-Pomary-Uzhgorod gas pipeline in Chuvashia. According to the republic's State Committee for Civil Defense and Emergencies, one person was injured as a result of a fire.

As of now, emergency services have already extinguished the blaze on the gas pipeline, the press service of the head department of the Emergency Situations Ministry in the republic reported.

The Urengoy-Pomary-Uzhgorod export gas pipeline was built in 1983 to supply natural gas to the countries of Central and Western Europe. The gas pipeline crosses the Russian-Ukrainian border in the area of the Sudzha gas measuring station (Kursk region).

On the territory of Ukraine gas is transported mainly to the Uzhgorod compressor station on the Ukrainian-Slovakian border and up to the Beregovo and Tekovo compressor stations on the borders of Hungary and Romania respectively.

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