Germany's Scholz in Saudi Arabia as Gas Crunch Bites Economy

  • In Business
  • 2022-09-24 15:46:09Z
  • By Bloomberg

(Bloomberg) -- German Chancellor Olaf Scholz looked Saturday to secure more energy supplies, meeting with Saudi Crown Prince Mohamed bin Salman to discuss future cooperation, including on hydrogen imports, as Europe's largest economy struggles with fallout from the Russia-Ukraine war.

Most Read from Bloomberg

  • Bank of England Says Paper Banknotes Only Good for One More Week

  • Liz Truss's Historic Gamble With the UK Economy Is Already Unraveling

  • Risk Assets Crushed With Few Signs Drama Is Over: Markets Wrap

  • Leaked Study Shows Exxon, Partners Overspent by $138 Billion

Talks between the two leaders in Jeddah dealt with the relationship between their countries, Scholz said. Germany is seeking to import "large amounts of hydrogen" amid a push to reduce carbon-dioxide emissions, he said.

"We have discussed the question of how we will shape our future, to develop our two economies toward a CO2-neutral future," he said.

Scholz is slated to head to the United Arab Emirates and Qatar on Sept. 25. He's accompanied by a delegation that includes the chief executive officers of ThyssenKrupp AG, SAP, Airbus and Siemens Energy.

Read also: TotalEnergies Invests About $1.5 Billion in Qatar Gas Field (2)

In Qatar, Scholz and the Gulf state's emir are expected to discuss long-term plans for shipments of gas and hydrogen. Qatar is investing billions of dollars to increase its LNG capacity by almost 65%, with the first cargoes from its North Field East project expected to leave at the end of 2025 or early 2026.

Earlier in the day, Qatar's energy minister said talks with German utilities RWE AG and Uniper SE for long-term LNG contracts are ongoing.

Most Read from Bloomberg Businessweek

  • US Is Inflating Its Debt Away After Unprecedented Spending Binge

  • This Is What Life's Like in the World's Strictest Covid Zero City

  • To Find Success at Work, Match Your Job With Your Personality

  • The Sneaky Genius of Apple's AirPods Empire

  • Wall Street's Bosses Reassert Themselves With the Return of Annual Culls

©2022 Bloomberg L.P.


More Related News

Macau's Casino Operators Get New Licenses; Genting Loses Out

(Bloomberg) -- Macau's six casino operators won new licenses to continue running their businesses in the city, as a firm linked to Genting Group failed in...

US Bans Huawei, ZTE Telecom Equipment on Data-Security Risk
US Bans Huawei, ZTE Telecom Equipment on Data-Security Risk

(Bloomberg) -- Huawei Technologies Co. and ZTE Corp. were banned from selling electronics in the US by regulators who say they pose a security risk...

Warnock Has More Cash, But GOP Super-PAC Has Plenty for Walker
Warnock Has More Cash, But GOP Super-PAC Has Plenty for Walker

(Bloomberg) -- Democratic Senator Raphael Warnock has three times as much cash as former NFL great Herschel Walker heading into the final stretch of their...

Microsoft's Activision Deal Hangs on Long-Shot FTC Accord Team Biden Hates

(Bloomberg) -- Microsoft Corp.'s best chance to win approval for its $69 billion Activision Blizzard Inc. deal from US regulators is to persuade the Biden...

Activision Sinks on Concern US Will Block Microsoft
Activision Sinks on Concern US Will Block Microsoft's $69 Billion Deal

(Bloomberg) -- Activision Blizzard Inc. shares sank further away from Microsoft Corp.'s proposed takeover price as investors grow concerned that the US...

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply


Top News: Business