We are in better position to counter Russia's gas threat, says Olaf Scholz

A day before Russia shuts the all-important Nord Stream 1 gas pipeline which runs from Russia to Germany under the Baltic Sea, German chancellor Olaf Scholz stated that Germany could counter the Russian gas threat.

"Germany is in a much better position in terms of security of supply than was foreseeable a couple of months ago," Scholz told reporters on Tuesday.

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"We can deal well with the threats we are confronted with from Russia, which uses gas as part of its strategy in the war against Ukraine." he further added.

Read more:Gazprom to reduce gas deliveries to Engie, France's biggest gas supplier

Olaf's statements come a day after Economy Minister Robert Habeck stated that Germany had filled its gas reserves to almost 83 per cent.

"Germany's gas storage facilities are nearly 83 per cent full and will hit 85 per cent full in early September. As a result, the markets will calm and go down" said Habeck.

Nord Stream 1 will be shut down from tomorrow

It is pertinent to note that the Russian state-owned gas company, earlier this month announced that the Nord Stream 1 gas pipeline will remain shut down for three days for 'routine maintenance', starting tomorrow i.e August 31.

In the backdrop of the Russian invasion of Ukraine, Germany, much like the other European nations picked Kyiv's side. However, despite talking tough against Russia, Berlin still hasn't been able to get rid of Russian oil and gas, which accounted for more than 55 per cent of its requirement in 2021.

Moreover, since February, the supplies from Russia have been reduced by more than 30 per cent, leading to an acute energy crisis in the country, with the price of oil and gas rising by almost four per cent compared to last year.

Germany, akin to several other European nations is scampering for alternatives and looking to build reserves. However, the process is lengthy and one that cannot be achieved over the course of a few months.

The perilous energy situation had forced the German government to splurge $14.93 billion last month to bail out Uniper, its largest importer of Russian gas.

Read more:Germany: Topless protestors surround Olaf Scholz at a public event; demand ban on Russian gas imports

(With inputs from agencies)

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