In this interview given to Mirasha Ghazi from Asharq Business Bloomberg, Dr Carole Nakhle, CEO of Crystol Energy, discusses the implications of Russia cutting off its gas exports to Europe and possible alternative gas suppliers for the continent.
Dr Nakhle first says that individual EU members have differing dependency on Russian gas. For instance, both Poland and Bulgaria are less vulnerable to a cut in Russian gas than Germany and Austria. She adds that Germany is the biggest economy in the EU and will suffer significantly if its suddenly loses access to Russian gas, with repercussions on the EU.
The EU has been striving to decrease that dependency for decades; the current crisis has accelerated the trend.
On which producer is leading in the Mediterranean in gas exports, Dr Nakhle says that it is clearly Egypt. Other East Med countries don’t have the adequate infrastructure to export gas to Europe, even Israel relies on Egyptian infrastructure to export its gas. Algeria has increased its effort to invest in its gas sector but more effort to be done to attract international capital. Furthermore, the rapid growth in domestic demand is hindering the country from significantly expanding its exports.
“Sanctions and the Economic Consequences of Higher Oil Prices“, Christof Rühl, Apr 2022
“Energy Markets and the Design of Sanctions on Russia“, Christof Rühl, Mar 2022
“Rubles in exchange for gas exports“, Dr Carole Nakhle, Apr 2022
“Is Moscow turning to Asia?“, Dr Carole Nakhle, Apr 2022
“Putin demands gas exports to be paid in rubles, and US SPR release“, Dr Carole Nakhle, Apr 2022
“The EU’s 4th round of sanctions on Russia“, Dr Carole Nakhle, Mar 2022
“Can Europe completely cut its reliance on Russian energy supplies?“, Dr Carole Nakhle, Mar 2022