Germany to halve Russian oil imports by the middle of this year

Germany to halve Russian oil imports by the middle of this year
March 25, 2022, 3:41 pm

Oil-Refinery plant/Pixabay

The Xinhua reported, Germany's Ministry of Economy and Climate Protection (BMWK) said on Friday, Germany plans to halve Russian oil imports by the middle of the year and become almost independent by the end of 2022.

According to the ministry, the country's dependence on Russian oil would be reduced in the coming weeks to around 25 percent through contract conversions.

"The first important milestones have been reached to free us from the grip of Russian imports," said Robert Habeck, Vice-Chancellor and Minister for Economic Affairs and Climate Protection, adding that contract conversions were being done at an "insane pace."

With regard to coal, Germany could become independent of Russia by the fall, according to BMWK. From April, the country's dependence on Russian coal could be reduced from 50 percent to 25 percent in the short term.

Germany-Brand front of the Brandenburg gate Berlin (File photo: Pixabay)

Habeck said that although diversification of gas imports was progressing, the process was "challenging."

The German government was striving to become largely independent on Russian gas by mid-2024.

According to the ministry, Germany has secured options for three floating terminals for liquified natural gas (LNG), which were expected to provide 27 billion cubic meters of LNG by summer 2024.

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"We are moving forward consistently while prudently weighing the options," Habeck said, adding that the economic and social consequences of an energy embargo against Russia would be "too severe."

Source: xinhua

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