Europe’s frantic search for gas hurt by unrealistic demands, Total CEO says (NYSE:TTE)

Europe’s wrestle to switch Russian pipeline fuel flows it usually would depend on throughout the winter is being harm by unrealistic calls for from patrons, TotalEnergies (NYSE:TTE) CEO Patrick Pouyanne stated Saturday, based on Bloomberg.

Consumers are looking for short-term contracts to purchase liquefied pure fuel however don’t appear prepared to pay increased costs, the CEO stated.

“If Europe needs some safety of provide, it has a price,” Pouyanne stated in Qatar, the place TotalEnergies (TTE) signed a deal to spend ~$1.5B in an enormous liquefied pure fuel challenge.

The French firm will maintain a 9.375% stake within the North Subject South challenge, which can elevate Qatar’s LNG capability to 126M tons.

TotalEnergies (TTE) was the primary international firm to purchase a stake in one other Qatari improvement, the 33M tons/12 months North Subject East challenge, wherein the corporate owns 6.25% and has invested ~$2B to date.

German Chancellor Olaf Scholz will go to Qatar on Sunday; the nation has relied extra closely than its neighbors on Russian fuel.