Parliament's delegation for relations with Ukraine is holding an extraordinary meeting on Wednesday 11 January to discuss the political consequences of this gas supply dispute, the official site
of the Parliament informs.
As a reminder, the bitter dispute between Russia and Ukraine over pricing was eventually resolved on 4 January when a compromise was reached and the Russian gas taps were switched back on.
With global demand for gas due to grow by up to 3% a year for 15 years, the latest crisis has underlined the problems of gas pipelines. Unlike oil, which is traded globally and moved around widely, making it difficult to cut off supplies to a particular country, gas relies on pipelines crossing several countries that can be cut off at will. This makes neighbourly relations vital in for producers
and consumers, the artice reads.
The recent gas crisis between Russia and Ukraine is a "wake up call" for the EU, according to Giles Chichester MEP, Chairman of the Parliament's Industry, Research and Energy Committee. Speaking in the wake of the crisis, he said the situation "has clear implications for EU energy markets and supplies... reminding us of our dependence on imported fuel."
The EU relies on Russia for 25% of its gas and 30% of its oil supplies. Some EU members, such as Slovakia and Finland, are totally reliant on Russian gas, while other states like Poland and Hungary are heavily dependent on Russian gas - 90% of which passes through Ukraine on its way to the EU.
According to Mr Chichester the dispute "illustrated the importance of a fully functioning market in gas and other energy sources and, in particular, the dangers of any price distortions from market levels."
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