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'The turbine works': Germany's Scholz points finger at Russia in energy row

Thursday, August 4, 2022

By Christoph Steitz

MUELHEIM AN DER RUHR, Germany (Reuters) -German Chancellor Olaf Scholz on Wednesday said Russia had no reason to hold up the return of a gas turbine for the Nord Stream 1 pipeline that had been serviced in Canada but has since been stranded in Germany in an escalating energy standoff.

Standing next to the turbine on a factory visit to Siemens Energy in Muelheim an der Ruhr, Scholz said it was fully operational and could be shipped back to Russia at any time - provided Moscow was willing to take it back.

The fate of the 12 metre (13 yard) long turbine has been closely watched as European governments accused Russia of throttling gas supplies on spurious pretexts in revenge for Western sanctions after the invasion of Ukraine in February.

Moscow denies doing so and cited issues with the turbine as the reason for lower gas flows through Nord Stream 1, which have been cut to 20% of capacity.

The turbine's movements had been shrouded in secrecy and its whereabouts unknown until Tuesday evening when the chancellor's visit to Siemens Energy was announced.

"The turbine works," Scholz said, telling reporters that the point of his visit was to show the world that the turbine worked and that "there was nothing mystical to observe here".

"It's quite clear and simple: the turbine is there and can be delivered, but someone needs to say 'I want to have it'".

Even if Russia took back the turbine, Scholz warned that Germany could face more disruptions further down the line and that supply contracts might not be honoured.

A senior manager at Kremlin-controlled Gazprom (MCX:GAZP) said last week that the delivery of the turbine after servicing was not in line with the contract and that it had been sent to Germany without Russia's consent.

Standing next to Scholz, Siemens Energy CEO Christian Bruch confirmed that there were ongoing talks with Gazprom, "but no agreement".

Collapsing gas supplies and rocketing prices have sparked recession warnings for the Germany economy, Europe's largest, and raised fears of energy shortages and rationing going into winter.

After being forced to bail out the utility Uniper when it became an early casualty of the gas crisis, Scholz's government will have to amend newly introduced energy reforms after they ran into problems, sources told Reuters on Wednesday. [L8N2ZF314]

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17-08-2022 22:44:19 (UTC+7)

EUR/USD

1.0165

-0.0005 (-0.05%)

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EUR/USD

1.0165

-0.0005 (-0.05%)

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GBP/USD

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USD/JPY

135.41

+1.21 (+0.90%)

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AUD/USD

0.6913

-0.0109 (-1.55%)

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USD/CAD

1.2931

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EUR/JPY

137.65

+1.16 (+0.85%)

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EUR/CHF

0.9694

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Gold Futures

1,776.15

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Silver Futures

19.652

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Copper Futures

3.5708

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Brent Oil Futures

92.09

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Natural Gas Futures

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US Coffee C Futures

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Euro Stoxx 50

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S&P 500

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DAX

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FTSE 100

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Hang Seng

19,922.45

+91.93 (+0.46%)

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US Small Cap 2000

1,972.35

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IBEX 35

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42.890

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Allianz SE VNA O.N.

177.39

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Adidas AG

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6.465

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108.44

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8.840

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 EUR/USD1.0165↑ Sell
 GBP/USD1.2043↑ Buy
 USD/JPY135.41Neutral
 AUD/USD0.6913↑ Sell
 USD/CAD1.2931↑ Buy
 EUR/JPY137.65↑ Sell
 EUR/CHF0.9694↑ Buy
 Gold1,776.15↑ Sell
 Silver19.652↑ Sell
 Copper3.5708↑ Sell
 Crude Oil WTI86.41↑ Sell
 Brent Oil92.09↑ Sell
 Natural Gas9.207Neutral
 US Coffee C219.78↑ Sell
 Euro Stoxx 503,753.25↑ Sell
 S&P 5004,256.30↑ Sell
 DAX13,630.66Neutral
 FTSE 1007,516.15Neutral
 Hang Seng19,922.45Neutral
 Small Cap 20001,972.35↑ Sell
 IBEX 358,434.88Neutral
 BASF42.890Neutral
 Bayer53.38Neutral
 Allianz177.39Buy
 Adidas168.88↑ Sell
 Lufthansa6.465↑ Sell
 Siemens AG108.44↑ Sell
 Deutsche Bank AG8.840Neutral
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# So hôm qua # Chênh TG
SJC Eximbank6,600/ 6,700
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SJC Nhatrang6,620/ 6,722
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SJC Cantho6,620/ 6,722
(20/ 20) # 1,697
Cập nhật 17-08-2022 22:44:21
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ↀ Giá vàng thế giới
$1,763.50-12.18-0.69%
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Sản phẩmVùng 1Vùng 2
RON 95-V25.34025.840
RON 95-III24.66025.150
E5 RON 92-II23.72024.190
DO 0.05S22.90023.350
DO 0,001S-V24.88025.370
Dầu hỏa 2-K23.32023.780
ↂ Giá dầu thô thế giới
WTI$86.87+0.20.23%
Brent$92.56-0.05-0.05%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD23.235,0023.545,00
EUR23.186,9924.485,46
GBP27.597,2628.774,17
JPY169,51179,46
KRW15,4518,83
Cập nhật lúc 18:50:59 17/08/2022
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