Russias Nord Stream 2 pipeline could play crucial role in stabilizing European gas market International Gas Union

The current volatility of gas prices is partly due to some global economies having become too reliant on renewable energy sources, according to the president of the International Gas Union, Dr. Joe M. Kang.

Speaking to RT on the sidelines of the St. Petersburg International Gas Forum, he said, “We are not ready yet to accept only renewable energy on the global scale. That’s why the balance between supply and demand is disrupted, that’s the main reason that gas prices are going up.”

Talking about Moscow’s readiness to supply more gas to Europe, which is currently struggling with an energy crunch, Kang said that Russia could “absolutely” provide security for the European market in terms of energy and warmth.

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He highlighted the Nord Stream 2 gas pipeline, saying it could play a crucial role in stabilizing the European gas market by delivering the extra gas the continent needs.

Europe is Russia’s prime customer in terms of pipeline gas supplies, Kang said. He also mentioned Russia’s Novatek, which is delivering liquified natural gas (LNG) to Asian markets via icebreaking tankers from the Russian Arctic. “So, Russia has two export destinations, via the pipeline to Europe and via tankers to Asia,” he added.

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