Naturgy prepares for talks with Yamal LNG over European Union ban on Russian gas imports
The utility plans to invoke force majeure on its Russian contract due to new EU rules. Naturgy is now seeking alternative gas sources to ensure future supply.
Insights:
Naturgy Energy Group, S.A. is preparing to hold talks with Yamal LNG regarding the potential declaration of force majeure on a long-term supply contract signed in 2013. This move follows the implementation of a European Union ban on liquefied natural gas imports from Russia 
RU. The contract currently covers approximately 3 billion cubic metres of gas per year delivered to Spain 
ES.
RU. The contract currently covers approximately 3 billion cubic metres of gas per year delivered to Spain ES.The upcoming discussions aim to determine if the regulatory ban constitutes a force majeure event, which could release both Naturgy and the supplier from their contractual obligations. While talks are imminent, they have not yet officially begun. Manuel Garcia Cobaleda and company leadership are reviewing the legal implications of the EU mandate as they prepare for these negotiations.
