The outlook for Russian gas in Europe

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.

Dr Carole Nakhle discusses the implications of Russia cutting off its gas exports to Europe

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. 

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