Russia's "energy crisis" and other countries' "find a detour"

Each country's efforts to cope with the escalating energy crisis following Russia's invasion of Ukraine are in full swing. Germany signed a long-term energy supply agreement with Qatar to lower its dependence on Russia, and Asian countries are also rushing to reach out to Middle Eastern countries such as the United Arab Emirates (UAE) and Saudi Arabia.

 

According to Reuters, German Economy Minister Robert Habeck met with Qatar's Prince Sheikh Tamim bin Hamad Alsani (Emir) in Doha, Qatar, on the 20th (local time) to sign a long-term LNG supply contract. Germany, which covers about 55% of gas demand in Russia, is seeking to diversify its suppliers.

 

Minister Habek said the agreement covers not only LNG but also energy efficiency improvement technology and renewable energy, suggesting Qatar will become Germany's long-term energy supplier. Qatar has the world's second-largest LNG production capacity as of last year.

 

European countries are busy preparing measures to ease the impact of rising energy prices that have been steeped since Russia invaded Ukraine. Austria has announced it will spend 로를2 billion to subsidize its citizens' energy costs, while Italy said it is considering raising corporate taxes for its energy companies, which have recently improved their performance due to rising fuel prices.

 

Italy plans to redistribute about 4.4 billion euros (about 5.9 trillion won) of new funds to low-income families and businesses.

 

Bloomberg reported that government leaders from each country will agree on emergency measures, including a cap on gas import prices, at the European Union summit in Belgium from the 24th to the 25th.

 

In the U.S. and the U.K., measures to strengthen taxation on oil companies that have benefited greatly from the recent surge in oil prices are being discussed.

 

According to CNN Business, Exxon Mobil, a major U.S. oil company, is expected to earn about 33 billion dollars this year, following its biggest profit of 23 billion dollars in seven years last year. However, opposition from the conservative camp is expected to hamper tax tightening.

 

Concerns over unstable energy supply have also led to European countries returning to nuclear power plants. Belgium, which took the lead in nuclear power plants along with Germany, has decided to extend the operation of nuclear power plants for another 10 years by revising its existing plan to suspend nuclear power generation by 2025. Finland began producing electricity for its nuclear power plant All-Kiluoto Unit 3 near the Baltic Sea in the southwest on the 12th. It is the first time in about 15 years that a new nuclear power plant has been in operation in Europe.

 

The same is true of Asian countries that have put their lives and lives on securing energy. Japanese Foreign Minister Yoshimasa Hayashi held a series of video conferences with UAE Foreign Affairs and International Cooperation Minister Al-Nahyan and UAE High-Tech Minister Sultan Al-Jaber to urge them to increase crude oil production.

 

South Korean Prime Minister Kim Boo-kyum also visited Qatar to hold talks with Prime Minister Khalid bin Khalifa bin Abdulaziz al-Sani to discuss ways to cooperate in energy, including supplying LNG.