Germany’s Scholz in Saudi Arabia as Gas Crunch Bites Economy

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(Bloomberg) — German Chancellor Olaf Scholz on Saturday looked to secure more energy supplies, meeting with Saudi Crown Prince Mohamed bin Salman to discuss future cooperation, including hydrogen imports, as the economy more Europe struggles with the consequences of the war between Russia and Ukraine.

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The talks between the two leaders in Jeddah dealt with the relationship between their countries, Scholz said. Germany is trying to import “large amounts of hydrogen” amid a push to cut carbon dioxide emissions, he said.

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“We discussed the question of how we will shape our future, to develop our two economies towards a CO2-neutral future,” he said.

Scholz is scheduled to head to the United Arab Emirates and Qatar on September 25. He is accompanied by a delegation that includes the CEOs of ThyssenKrupp AG, SAP, Airbus and Siemens Energy.

Also read: TotalEnergies invests about $1.5 billion in Qatar gas field (2)

In Qatar, Scholz and the Gulf state’s emir are expected to discuss long-term plans for gas and hydrogen shipments. Qatar is investing billions of dollars to increase its LNG capacity by almost 65%, with the first cargoes from its North Field East project expected to depart in late 2025 or early 2026.

Earlier in the day, Qatar’s energy minister said talks with German utilities RWE AG and Uniper SE for long-term LNG contracts are ongoing.

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