Germany will need more Russian gas in the medium term — OAOEV – Business & Economy

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BERLIN, February 1. /TASS/. Germany will need more Russian gas supplies in the medium term in the context of Europe’s energy transition, the president of the East German Business Association (OAOEV), Oliver Hermes, said on Tuesday. .

“We should also not forget that more than 40% of our oil and gas imports come from Russia. The last few months have shown very clearly that we are still dependent on natural gas in the process of European energy transition”, said said Hermes.

“In the medium term, we will need more than less gas imports from Russia,” he stressed.

The President of OAOEV clarified that “both the Nord Stream 2 gas pipeline and the capacities of the Ukrainian gas transmission network are necessary to reliably supply Europe with natural gas, and in the future, with hydrogen, until ‘to the definitive abandonment of fossil fuels’. .”

Hermès noted that possible new economic sanctions, in particular against Nord Stream 2 or against the Russian financial sector, would cause heavy losses for both parties.

He said the anti-Russian sanctions will contribute to further rapprochement between Russia and China in security policy, and will also lead to the creation of advantages for Chinese companies.

The head of OAOEV stressed that German companies are against any form of disunity.

“Not only in the field of trade, energy and finance, but also in the field of security, we need European solidarity, i.e. a pan-European security architecture including Russia and Ukraine,” he said.

Hermes also pointed out that the Helsinki 2.0 negotiations are now needed, which will cover a wide range of topics, including climate change, security and economy.

“The time has come to hold a conference on security and climate cooperation in Europe, and why not again in Helsinki”, he concluded.

Last week, the Vice-Chancellor, German Minister for Economic Affairs and Climate Protection, Robert Habeck, said that Russia is respecting all gas supply agreements and that the main gas volumes from Russia to the Germany did not transit through the territory of Ukraine and Poland, but via the Nord Stream 1 gas pipeline.

Germany, he said, “depends on about 55% of Russian gas”. The Minister pointed out that the gas market in Germany is “completely deregulated”, that is to say, in his opinion, “there is no possibility of state intervention” and that there are no state gas reserves. He noted that in light of the experience of this winter, when the filling of underground gas storages is at a historically low level, measures should be taken to avoid the repetition of such a situation.

About the association

The East German Business Association (OAOEV) is the leading regional initiative of the German economy for 29 countries in Central, Eastern and South-Eastern Europe, the South Caucasus and the South. ‘Central Asia. The OAOEV accompanies its members in their projects, makes contacts and answers market entry questions. The OAOEV was founded in May 2018 by the merger of the Eastern Committee (founded in 1952) and the Eastern Europe Business Association of Germany (founded in 1989). It is supported by six central German business associations and has around 350 member companies.

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