Staying in, looking out and eyeing more

Western companies have fled Russia in droves, following the invasion of Ukraine. Japanese companies, though, are staying put, Damon explains this week, saying energy security concerns and a desire for governmental direction has staved off such departures. 

The European Union is trying to come to terms with the energy security challenge. On the one hand, it needs gas – at least in the short term. On the other, relations with Russia have become increasingly frosty, if not frostbitten. North Africa looks like it could play a role, but it is clear that an unwillingness to opt for long-term LNG contracts is coming back to bite the EU on its regasification terminals.  

Finally, at home, PM Boris Johnson has been talking a good game about more North Sea oil and gas production. This will go down well in the highways and byways of Aberdeen, but will do nothing for the next 12 months of high prices and resulting human misery.

 

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