Reducing Activities: company scaling back some business operations while continuing others

Stay Scaling Back

Gasum is a fully state-owned company. 73.5% of the shares are owned by the state company Gasonia Oy and 26.5% directly by the state of Finland.

Reducing Activities: company scaling back some business operations while continuing others

Stay Scaling Back
Glob.Revenue, mln.USD

Russia has been supplying natural gas to Finland for over 45 years. The first contract for the supply of up to 1.4 billion cubic meters per year was signed in 1971. Deliveries of Russian gas through it to Finnish consumers began in 1974. In December 2015, Gazprom Export and Gasum extended the contract for gas supplies to Finland until December 31, 2031. Finnish state-owned gas wholesaler Gasum said it had terminated a contract to buy natural gas from Gazprom Export via pipelines from Russia. The termination concerns only pipeline supply, Gasum said. "The long-term LNG supply contract Gasum has with Gazprom Export remains in place," the Finnish company said. Finnish energy provider Gasum has resumed liquefied natural gas (LNG) purchases from the Kryogaz-Vysotsk plant controlled by Russia's Novatek, Gasum said.

The Company Statement
July 18, 2023

After the start of Russian aggression in Ukraine, Gasum’s natural gas supplies continued as usual. The company commented that “an active dialogue is ongoing with the relevant national authorities and stakeholders regarding the situation”. But later, natural gas imports from Russia under Gasum’s supply contract was decided to be halted on Saturday 21 May at 07.00. Finnish Gasum has stopped taking LNG shipments from NOVATEK's Kryogaz-Vysotsk project in Leningrad oblast, according to Kpler data. Thus, one of the two tankers belonging to Gasum — Coral Energice — last called into the port of Vysotsk on April 24, and left without being loaded (the last batch of LNG was taken out by the ship on April 12). The second Gasum tanker, Coral Energy, called for the last time in the port of Vysotsk on April 4. Prior to that, tankers took several cargoes each month. Two gas tankers Gasum transported 17.46 thousand and 14.2 thousand cubic meters of fuel, respectively. Finnish state energy company Gasum continues to purchase a minimum amount of LNG from Russia under a long-term contract that is not subject to EU sanctions. Under the terms of the agreement, the Finnish company is obliged to pay Gazprom for a certain amount of gas annually, regardless of whether Gasum receives the gas or not. “If the company decided not to purchase this volume, it would still be obligated to pay for gas under the contract,” the company’s website says.

January 05, 2024Finland plans to ban Russian LNG imports in 2025
May 22, 2023Finland's Gasum terminates Gazprom pipeline gas contract
May 11, 2023LNG for Finland stuck in Russia: Gasum has not received cargo from Vysotsk for a month
November 17, 2022Stockholm arbitration sided with Gazprom
June 03, 2022Foreign Partners: Finland | Gazprom Export
May 20, 2022Natural gas imports from Russia under Gasum’s supply contract will be halted on Saturday 21 May at 07.00
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