France looks for alternative energy supplies

French President Emmanuel Macron will host United Arab Emirates President Mohammed bin Zayed in Paris next week, sources familiar with the matter told Bloomberg on Tuesday. In recent months, European countries have been seeking alternatives to Russian energy.

The sources highlighted that France has been talking to the UAE about greater supplies of oil and diesel since the European Union vowed to cut its energy dependence on Russia.

A leading member of OPEC, the UAE sits on about 6% of the globe’s proven reserves of crude oil. Supply from the country could at least be a temporary alternative to Russian energy, French Finance Minister Bruno Le Maire told local media last month.

Energy-intensive businesses in France are currently preparing for possible power outages in the event of further reductions of natural-gas supplies from Russia. The country’s industrial giants have reportedly been converting their gas boilers to run on coal and oil.

France receives nearly 17% of its natural gas from Russia through network connections with Germany. Last month, however, supplies to Germany via Russia’s Nord Stream pipeline were slashed by 60% due to technical issues stemming from Western sanctions. On Monday, Gazprom suspended natural gas flow via the pipeline due to planned maintenance work, which will last until July 21. No gas will flow through the pipeline during this period. The operator highlighted that the repairs had been previously scheduled and agreed with all parties.

In April, Macron urged the European Union to restrict Russian oil and coal imports. Russia supplied around 20% of the EU’s coal in 2020 and provides around a third of the bloc’s oil needs and 40% of its gas usage.

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