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Investing.com -- The European Union (EU) is preparing for its next round of joint gas purchasing, slated for March, in an effort to replace Russian fuel. The gas capacity platform, Prisma, which hosts the EU buying platform, announced this on Friday.
The joint gas buying platform was initiated by the EU in 2023 with the aim of giving participants increased leverage to secure better deals. This move came in response to Russia cutting gas supplies to Europe in 2022, which led to a surge in European energy prices to unprecedented levels.
The platform operates by collecting demand from various companies, then soliciting bids from global gas suppliers to match buyers with sellers. The European Union's capital, Brussels, does not participate in the subsequent commercial negotiations that occur between companies to finalize contracts.
Prisma stated that buyers can submit their demand for gas or liquefied natural gas (LNG) deliveries that span from July 2025 to October 2030. The upcoming round of joint buying will commence on March 12, with the matching of buyers and sellers expected to be completed by March 25.
Prisma also revealed that both buyers and sellers can now express their preference for LNG to be delivered free-on-board, a move aimed at encouraging the involvement of more international suppliers.
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