Written by 4:11 pm Europe Economy

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

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(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.

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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.

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“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.

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