Economy

Bloomberg: Volkswagen may earn €400 million from natural gas trading

Published

on

German carmaker Volkswagen could earn about €400 million from natural gas trading. The company bought gas at a low price in 2020. It was written by Bloomberg agency citing a report by sources.

According to the sources, the money that will get Volkswagen from such speculation, will be able to offset the costs of using coal and cover the costs associated with the replacement and modernization of machinery.

It is specified that the concern is planning to sell around 253 million cubic meters of gas, which is enough to supply 200 thousand houses with gas heating for a year. The gas trading company Volkswagen wanted to use this fuel at its two Wolfsburg power plants in 2023 to reduce using coal. But in the face of shrinking gas supplies from Moscow, the company still opted to use coal instead of fuel.

The gas, which the German company plans to sell, was bought through the supplier Wingas GmbH in 2020 for $316.5 per thousand cubic meters. Now the market price exceeds $2,000 per thousand cubic meters.

Earlier we reported that the strengthening of the US dollar caused panic among participants of the world currency market.

Trending

Exit mobile version