{"id":62332,"date":"2022-04-01T06:15:20","date_gmt":"2022-04-01T11:15:20","guid":{"rendered":"https:\/\/olduvai.ca\/?p=62332"},"modified":"2022-04-01T06:15:20","modified_gmt":"2022-04-01T11:15:20","slug":"german-chemical-giant-warns-of-total-collapse-if-russian-gas-supply-cut","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=62332","title":{"rendered":"German Chemical Giant Warns Of “Total Collapse” If Russian Gas Supply Cut"},"content":{"rendered":"
\n

German Chemical Giant Warns Of “Total Collapse” If Russian Gas Supply Cut<\/a><\/h3>\n<\/header>\n
\n
\n

CEO of Germany’s multinational BASF SE, the world’s largest chemical producer, has warned that curbing or cutting off energy imports from Russia would bring into doubt the continued existence of small and medium-sized energy companies, and further would likely spiral Germany into its\u00a0most “catastrophic” economic crisis going back to the end of World War 2<\/strong>.<\/p>\n

Company CEO Martin Brudermuller issued the words in an interview with\u00a0Frankfurter Allgemeine<\/em><\/a>\u00a0newspaper just ahead of German officials by midweek giving an “early warning” to industries and the population of possible natural gas shortages, as Russia appears ready to firmly hold to Putin’s recent declaration that “unfriendly countries” must settle energy payments in rubles, related to the Ukraine crisis and resultant Western sanctions.<\/p>\n

According to\u00a0Bloomberg<\/em>\u00a0he mused that while\u00a0“Germany could be independent from Russia gas in four to five years”<\/strong>\u00a0it remains that “LNG imports\u00a0cannot be increased quickly enough<\/em><\/strong>\u00a0to replace all Russian gas flows in the short term.”<\/p>\n

\"\"
CEO of BASF Martin Bruderm\u00fcller, file image<\/em><\/figcaption><\/figure>\n

But in the meantime,\u00a0Brudermuller described that “It’s not enough that we all turn down the heating by 2 degrees now” given that “Russia covers 55 percent of German natural gas consumption.” He emphasized that if Russian gas disappeared overnight,\u00a0“many things would collapse here”\u00a0<\/strong>– given that\u00a0“<\/strong>we would have high levels of unemployment, and many companies would go bankrupt. This would lead to irreversible damage.” He\u00a0continued<\/a>:<\/p>\n

“To put it bluntly:\u00a0This could bring the German economy into its worst crisis since the end of the Second World War and destroy our prosperity. For many small and medium-sized companies in particular, it could mean the end.<\/strong> We can’t risk that!”<\/p><\/blockquote>\n

\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

German Chemical Giant Warns Of “Total Collapse” If Russian Gas Supply Cut CEO of Germany’s multinational BASF SE, the world’s largest chemical producer, has warned that curbing or cutting off energy imports from Russia would bring into doubt the continued existence of small and medium-sized energy companies, and further would likely spiral Germany into its\u00a0most […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,3,5],"tags":[12142,150,236,328,359,694],"class_list":["post-62332","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","category-geopolitics","tag-basf","tag-collapse","tag-economic-collapse","tag-fossil-fuels","tag-germany","tag-russia"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/62332","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=62332"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/62332\/revisions"}],"predecessor-version":[{"id":62333,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/62332\/revisions\/62333"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=62332"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=62332"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=62332"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}