President of the European Council Charles Michel believes that it is no longer possible to delay the project of joint gas purchases by EU member states.

“Now it is also time to put our joint gas purchases into action. This will be voluntary, except for volumes corresponding to 15% of the required reserves, which must be subject to mandatory joint bidding. It is very important that we negotiate effectively and quickly with our reliable partners, such as Norway and the United States. They are also our close allies,” Michel said at the plenary session of the European Parliament in Brussels on Wednesday.

According to Michel, the price of gas on the international market has fallen significantly since August, but remains much higher than before the events in Ukraine. He recalled that “the commission is also instructed to develop a dynamic price corridor in order to reduce price volatility in natural gas transactions as soon as possible.”

Source: Turan News Agency