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3/16, 4:00 PM (Source: TeleTrader)
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Energy firms appeal to central banks for help - report

The largest energy trading companies in Europe have appealed to governments and central banks to provide urgent intervention in order to avert a cash crunch and additional tensions in commodity markets brought about by the ongoing Ukraine crisis, the Financial Times reported on Wednesday.

The European Federation of Energy Traders (EFET), an organization comprised of BP plc, Shell plc, Vitol and Trafigura Group Pte. Ltd., stated in a letter that their business required "time-limited emergency liquidity support to ensure that wholesale gas and power markets continued to function."

EFET noted that it needed entities such as the European Investment Bank and central banks, such as the European Central Bank and the Bank of England, to offer support through lenders in order to alleviate the impact of soaring energy prices due to the continuous Russia-Ukraine conflict.

Baha Breaking News (BBN) / SP