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Germany’s Jan-May gas imports up 19.5%, bill 37.7% higher

Germany’s Jan-May gas imports up 19.5%, bill 37.7% higher

FRANKFURT: Germany imported 19.5 percent more natural gas in January through May versus a year earlier, while higher crude oil prices – to which the contracts are linked – meant costs rose 37.7 percent, official data showed on Monday.

The January-May gas import bill was 9.5 billion euros ($10.9 billion), with the volume at 1,983,714 terajoules (TJ)*, data from trade statistics office BAFA showed. Germany mainly imports gas from Russia, Norway, the Netherlands, Britain and Denmark.

BAFA no longer provides a breakdown of supply from each country, but Russia is the top supplier by far.

Many continental European gas prices under long-term supply contracts still track crude oil prices, with a time lag, though the importance of virtual gas trading points for spot supplies is increasing.