UK to join global efforts to secure “alternative supplies” after Russian oil ban –

UK to join global efforts to secure “alternative supplies” after Russian oil ban –

The British government, along with other Western countries, is planning to secure “alternative supplies” of oil and gas resources in response to global efforts to ban Russian fossil fuel imports that funded Vladimir’s invasion of Ukraine. Putin.

Yesterday, UK Business and Energy Secretary Kvass Quorteng announced that oil imports from Russia, which are estimated to account for around 8% of UK demand, will be phased out by the end of the year.

Mr. Quarteng told lawmakers today that “demand can be met with alternative sources of supply” and announced that a coalition working group will be formed with other Western countries to develop a comprehensive strategy to maintain fuel supplies.

Tomorrow the G7 energy ministers will hold an extraordinary meeting to determine further steps to be taken.

Mr. Quarteng told Commons that Russian oil accounts for nearly half of Russia’s total exports and 17% of Putin’s tax revenues.

Russia currently produces only a fraction of the fuel products imported into the UK. The demand can be met from alternative sources of supply.

“Due to the international disgust for Putin’s occupation, Russian oil has already been excluded from much of the market.

“Yesterday I announced that the UK is gradually cutting its oil imports from Russia throughout the year. This transition will give the market, businesses and supply chains plenty of time to replace Russian imports.

“Businesses should use this year to ensure the smoothest transition possible so that consumers are not harmed.

“The government will work with companies through a new oil working group to help them leverage this period to find alternative supplies.”

M Kwarteng said: “Although Russian imports account for 8% of the UK’s total oil demand, the UK is also a major producer of crude oil and petroleum products.”

“We have a global market share for these products and we have the resources in the event of a possible supply disruption.

“Throughout the year, our team will work closely with international partners, including the United States, the Netherlands and the Gulf countries, to ensure a supply of alternative fuel products.

The cabinet secretary acknowledged that the UK does not depend on Russia for gas supplies, but only 4% of the Putin government’s imports.

However, Mr. Quarteng confirmed that he is “exploring options for doing so”.

“We are fully committed to ending our dependence on all Russian hydrocarbons.

“At the same time, we need to invest more in North Sea oil and gas production as we move to cheaper and cleaner electricity.

“Shutting down domestic production as some requests would be completely wrong and we won’t.

The Prime Minister also reiterated that the government will formulate an energy strategy to unveil the UK’s long-term plans for greater energy security, including renewable and nuclear energy.

He added that the plan “would pave the way for a stronger and more sustainable British energy system” and “increase the growing pressure on the Russian economy”.

Labor Secretary General Ed Miliband said his party “fully supports the government’s decision to ban oil imports”, calling it a “right and welcome step”.

“It is important to draw the right lessons from this crisis.

“The real lesson is that we need to go much further and faster to develop zero-carbon artisanal energy, including renewable energy and nuclear energy, which could save us from the whims of autocrats and dictators who might exploit it.” a geography. “Political weapons”.

Miliband added: “There must be a smooth transition to the North Sea.

“We will support the government in anything that can end its support for Putin’s evil and barbaric regime.

“We ask the government to draw the right lessons for our country from this crisis in order to guarantee both energy security and energy sovereignty.

“We cannot escape the scale described here,” warned SNP Energy spokesman Stephen Flynn.

“This is a seismic shift in the energy policies of the UK, the US and indeed Europe. Nor can we be blind that this will have consequences. One such potential outcome is Putin’s own retaliation.

“If there must be an oil and gas shortage on the European continent as an oil and gas producing country, does that not underscore the importance of Scotland’s North Sea oil and gas reserves?”

“Scotland’s renewable resources are huge: a total of 25% of Europe’s offshore wind energy is found off the coast of Scotland.”

Quarteng said it was “particularly strange” to hear an SNP MP “defend the North Sea transition agreement and important oil and gas resources in Scotland.”

“I was very interested to hear what their green colleagues in the Northern Coalition were thinking,” he added.

Source: Herald Scotland