Latest news with #KatherinaReiche
Bloomberg
13 hours ago
- Business
- Bloomberg
Germany Gives Go-Ahead for Gas Drilling in Protected Marine Zone
Germany has given the green light for drilling as much as 13 billion cubic meters of natural gas at a protected marine site in the North Sea in a controversial step to bolster energy security. The cabinet approved a bilateral agreement with the Netherlands on hydrocarbon deposits off the island Borkum, according to a statement from economy minister Katherina Reiche. Explorer One-Dyas BV had already received approval from local authorities a year ago, but Reiche's predecessor Robert Habeck — a Green politician — had been delaying national approval due to environmental considerations.
Asharq Al-Awsat
a day ago
- Business
- Asharq Al-Awsat
Germany Lowers Gas Security Alert Level as Supply Bottlenecks Ease
The German government has lowered the gas supply security level to early warning grade from alarm level as supply bottlenecks eased, Economy Minister Katherina Reiche said on Tuesday. Berlin had declared the alert level in June 2022 following Russia's invasion of Ukraine and a sudden drop in gas imports from Moscow. Germany no longer imports pipeline-based gas from Russia and no Russian liquefied natural gas arrives in its LNG terminals, Reiche said, Reuters reported. She said Germany's gas supply was secure and the conditions for the alert level according to its emergency plan no longer existed. Reiche added that given the stable situation, it was not necessary for the government to refill the country's gas storage facilities through its trading hub. The early warning level, the first of three crisis levels, will remain in place for the government to keep a close eye on the supply situation. "The market is still able to cope with this disruption or demand without the need for non-market-based measures," Reiche told journalists at a news conference in Berlin. Germany's gas storage levels are around 50% below levels of previous years but storage activity has increased significantly, she said. While gas prices have stabilized at around 34 euros per megawatt hour, this is still twice as high as before the energy crisis stirred by the war in Ukraine.
Reuters
2 days ago
- Business
- Reuters
Germany lowers gas security alert level as supply bottlenecks ease
BERLIN, July 1 (Reuters) - The German government has lowered the gas supply security level to early warning grade from alarm level, Economy Minister Katherina Reiche said on Tuesday. Germany's gas supply is secure and the conditions for the alert level according to its emergency plan no longer exist, Reiche said, adding that given the stable situation, it was not necessary for the government to refill the country's gas storage facilities through its trading hub.
Reuters
3 days ago
- Business
- Reuters
Germany extends job security at PCK Schwedt refinery until the end of 2025
BERLIN, June 30 (Reuters) - The German government has extended job security for workers at the PCK Schwedt oil refinery until the end of 2025, the economy ministry said in a statement on Monday. "The sanctions against Russian oil have put the PCK refinery in a difficult situation," Economy Minister Katherina Reiche said in a statement. "With the extended job security, we are now creating the basis for developing concrete prospects for the site together with the state of Brandenburg, PCK and regional partners," she said. While remaining the legal owner, Russian oil company Rosneft was stripped of control of the refinery after Berlin seized the entities following Russia's invasion of Ukraine in 2022.
Mint
5 days ago
- Business
- Mint
Qatar Withdraws Interest for Rosneft's German Operations
(Bloomberg) -- Qatar withdrew its interest in the seized German operations of Russia's state-controlled oil company Rosneft PJSC, according to people familiar with the matter. The Qatar Investment Authority was the last party interested in the refining assets, leaving their future in limbo, said the people, who asked not to be identified as the discussions are private. That increases the pressure on the new German government to take a decision on the business, which is under a temporary trusteeship that has been extended several times. Rosneft Deutschland and QIA declined to comment, while Rosneft didn't respond to a request for comment. The German economy ministry said it's not involved in the sales negotiations which Rosneft is currently leading. Germany initially aimed to seal the deal by the end of last year, though Qatar failed to get approval from the White House, which it wanted in order to maintain good relations with the US, according to the people. The state took Rosneft Deutschland and RN Refining & Marketing GmbH under temporary control in September 2022 and has extended the trusteeship six times since then, with the current one expiring on Sept. 10. No potential Western buyers have emerged due to sanctions against Russia. Rosneft Deutschland holds shares in three German refineries, which account for 12% of the nation's total processing capacity, including PCK Raffinerie GmbH's Schwedt plant near Berlin. Germany's economy minister Katherina Reiche on Wednesday told lawmakers that finding a secure legal future for the entity 'is not trivial. We need time for that.' --With assistance from Kamil Kowalcze.
