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German chemical companies and French utility firms have both suggested the necessity of importing cheap Russian energy
Germany’s chemical industry is in a “severe crisis” and in dire need of a return to cheap Russian gas, Reuters reported on Monday, citing executives in the sector. French energy majors Engie and Total have also told the agency that they could see a restart of imports of hydrocarbon from Russia.
With a turnover of €225.5 billion in 2023, chemicals and pharmaceuticals are Germany’s third-largest industry, behind automotive and machinery and equipment, according to the European Chemical Industry Council.
The EU committed to eliminating Russian gas imports by 2027, following the escalation of conflict between Kiev and Moscow three years ago. Brussels aimed to replace them with more expensive liquefied natural gas (LNG) from Qatar and the United States.
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