Charles Michel: Joint gas purchase project must move forward without delay

The joint gas purchase project of the European Union member states should not be postponed any longer, said the President of the Council of the European Union Charles Michel, Report informs.

"Now it's also time to put our joint gas purchasing into action. This will be voluntary, except for volumes corresponding to 15% of the necessary stocks, which should be subject to mandatory joint tenders. It is vital that we negotiate effectively and rapidly with our reliable partners. They are also our close allies, like Norway and the United States."

According to him, the EU's prosperity and economic security are also key to their prosperity and economic security:

"It doesn't make sense that the exceptional profits due to the war in Ukraine should make Europeans poorer, our economies weaker and our industries less competitive, and this just to maintain our gas imports. So these negotiations must move forward without delay.

"The price of gas on the international market has gone down substantially since August, but it remains much higher than before the war in Ukraine. It's critical that we get these prices down while also ensuring our security of supply. The European Commission is tasked with preparing a new complementary benchmark by early 2023. This new benchmark should better reflect the reality of the European gas market."