and show the balance on the market and we can always insisted that when it can talk out that long term contracts can come and the pricing is different. there to go west on the previous for long term contract. we knew it's linked to, i'm sure are all of them to crude oil prices and prices are some other really for the enter this is no secret, but this is the markets in the pricing. you get this connected in the world oil prices, you would need it and there is nothing strange. you know, i'm like, i'm putting me on the menu together with that. but the price changes how few periods. and this allows the operators and to consumers to adjust

the tension and for spot control pricing, you know, different, lower. yeah. through the you, this is hard to predict. there are a lot of different factors. they're using the wind towards the city called a long there was a gas supply when sailed. guess what? when the food unit and these are just the surface reasons for this price spike in the market, people, would you say that they should? gas problem doesn't get money on the part of the you doesn't get any of these money because gus problem trades in the long term contract. that's linked to oil prices. what you did not just companies. and so we have our colleagues here and the price of oil is senior got

only part of this is the price of gas problem. get that up to the vitamin much of a 3 year period. it's better to do the 1st again, gas pipe to germany, and we finish the 2nd one, but new germany doesn't get 2000 gets $2523300.00. there is a q, da, and gas problem, in which losing you should only if it could have felt by contract to get more. but at least the producers which one's ability because it allows them to know that they can at least

price until it can build the investment strategy. and if this is beneficial both to consumers, producers, when you have 800000000 people who are facing a very, very cold winter, what's a fair price? the oil is sitting. i just talked about me years ago. it's a splendidly way to, that's what we're talking about and the price isn't it relates to it directly. if it's regulated by the market drop on the last year and the gas prices, you can try to get well and gas from him was in a heart leaf. because of this, when you can see who the teacher has to review its production of benefits, everything reduced. and when the oil prices went up on the would

you be able to benefit not from the speculative prices in europe. that's what i want you to understand. it all, many benefits from the little oil prices no longer and it has nothing to do with a $1000.00 a year. so thank you, sir. and that is long term contracting and our main consumers. they should think we should be, should be sure that for getting those rates in there not too far from the last 550 and this helps the german economy at the end of the day, though, a big question has been surrounding, as you were mentioning the blame game, one person that has not cast the blame on russia is of course, the outgoing chancellor of germany,

anglo merkel. she has advocated that you continue to use ukraine to supply gas to your, beyond the commitment of 2024. can you commit to that if you are a few and even you, that she never was russia and, well, that's my situation. i'm looking for other differences in approaches to many issues but but not on north stream too. okay. no, no, but talk to the union with them to blame and so we can just give a thought of the commercial leak and there was nothing there. but as the opening of this project was stated,

that they said that it's the political project cost structure to build it only to avoid the ukraine infrastructure. she did. she was so great in the store list. that's another non non things that was the breach us, which is low is normally doing in russia voice can mining was in and it's believing that little by little here. and we're starting to mine, develop the next, you know, that was will you please come on if you get it and it's a truck and moving this infrastructure for to indicate already with that i would expect me much to see our expert stream difficulty. and then

from there, but when it comes to economic visibility, this is my 2nd prevention difficult 2nd me see when you might have this tree killing me, which is 2000 shorter 2, you look much closer to our in consumer such as nice it usually. so it's cheaper to close the transit dimension because transit is small and look, and usually it's cheaper and for the consumers that whether it's of condition or because this transit price simply is sir on beat by the consumers. so 1st, it's shorter 2nd, it's still cheaper about doing it a little bit more than 30. it's modern equipment and pressure. there is a higher don't get the money is the enter. what is the gas pumping station station?

where is it? yes, yes. we should let the, with there with pumps of a gas. i'm a talk i knew a greets emission system with must here and yet emissions are more stream each i what she'll 5.6 percent or smaller. they're the in the ukraine. get the got great ability to come with it and when they say that they take an article, imitator tv, they ignore this letter that you hopefully, and they do this because of political reasons. what and so not stream to and she's not really one items of daily economically feasible. and she would angela miko, that's her position. and i gross. you extend your commitment to continue with the flow of gas through your train. beyond 2024.

it's a door which is the acknowledged, your bills, your muscles garage, that is, lucian has got the transport. this is the more grain to so late, no president, but sure them get the voicemail which has been threatened worn out. sher infrastructure is like an e t e 5 to 90 percent needs, but english to his man, we having lutrece turbo, the gas served with we've increased the amount of gas that the pharmacy through ukraine's pipeline, especially by 10 percent. if it were over the contracts. well, they could say at least thank you there need to criticize ourselves with liberty be here to assist you that might, you know, 1st you just need to unless you upgrade the system and that is an issue for us and an issue for european arthur races, sir, that were made largely by nan for european customers. we're also need to think we understand how much we can sell. yeah, it's the regular but i'm good you of great importance and i told to angel merkel the chair and the wife and i was about it. and we got in response to your questions,

we are ready to keep this contract. what are the weekly will furthermore, can them you seated luggage to flu? those will be leach. we can even increase it if they said the national capacity technology wise and commercially wise. but we need to know how much they gonna buy from us government. i'm sure we going to have more questions about sir environmental protection. and sir, i'm a little misleading. 0 carbon or low carbon. yes. the rule energies shift over the road. no city, yes. actually a bird together if europe wants to move away from mark option, which is when hydrocarbons and even natural gas as you, how can really increase so gas transit through ukraine. if europe will not buy gas for a masculine, we'll get you. if you're not going to buy gas from us, say us, well, be your mom, the volume, you then sign the contract, then we, you know, how much we can pump through us in north, in the pipelines,

then how much we can come through the turkish pipeline. how much we can keep poor, even labs, to see ukrainian pipeline. we need to understand the size of the market. but if europe says we move away from hydrocarbons, what's it, what's it following 2024. you would still need to come to look at your through the palm pa garza for 100 years through ukraine, the range. but i wasn't crazy. lou must. let's open up the maps that sir will put them on the table. let's calculate everything. are we ready? the answer is yes, we just need to do the right calculations. alexander novak, your deputy prime minister, am las suggesting last week that moving quickly with the regulatory hurdles, getting them out of the way for allowing gas to pass through nordstrom to would actually at least in the medium term assuaged the gas prices that we're seeing in europe. have you had any indication from euro that that is moving more quickly that

we could see nordstrom to come online at a super day? no, no, no. we've still, on the contrary to misread anybody or any more, we sees that submissive barriers are not removed processes and i still read type treatment or getting back to them. and so the 3rd energy package is in place to with italia, and there are a number of details that i want that i want to bring up right now. there was a drug, mr. and he's just whitley did mistakenly. so there are any book still administer barriers in place? yes, they have not been addressed and not been eliminated. and i know that not stream to miss a new discussion with german authorities,

the journal regulator needs to look initially. you authorize a magnolia that really should pay them much roto, i hope we catch having creek supplies along this route. so sure, and if the answer is yes, then it will be 100 percent. sure that you work is communication, the european energy market. so probably a little concluded that be much better and that could have an impact on the gas prices say in the european market. but europe service tension could be assuaged, but the mystery of barriers is still in place to bring in our panelist now patrick, planning. it's great to have you joining us virtually from another room in this building. i want to ask you to just follow on to the present comments there. how damaging is the gas prices that we're seeing? it's in europe, and it's now hit china and the rest of the world and to your business. and do you think to european growth as a whole? yes sir, good afternoon. happy to be back in moscow. even of a room i would serve at 1st or i would just recommend, but it's such

a european gas crisis that we are facing. in fact, gas markets are worldwide interconnected, or is coming from a huge i of demand. so guess from china and asia, japan, korea. why? because there is more demand for gas because of energy transition going from court to gas, which is good for climate change. and also because there is more requirement from time to zation form middle class in china, there was also vizier, some events like less i drew and lesser chord kept capacities of production, which of increase the lot. so chinese demand. so the president of the federation of russia is perfectly right when he said that in fact, and we are producing energy, you know, we are the single largest hotel in as his producer village in the world. so we are producing an energy in the us and it's clear but this year because of his i can them. and in china i,

our prices came into asia for gas and all the ellen g from the u. s. most of it went to asia because the european bucket was lower. so that's a fundamental reason why. then in europe, you have less, yas, coming into the system, not from russia at all, but in fact, from the global market and the european smits fitness understand. but with alan g development, we are fundamentally interconnected or the market. and so he's such a question of what is only the demand in europe is what is a demand for gas globally and in particular in asia, and what is a good news for or gas producer is that there is a growing demand. and in particular for ellen g, a, again, we are managing to telling us 10 percent of the energy market per year. so we are very, we're aware, and there is a growing market more than 10 percent per year is the last 7 years. so it's why or so receive is increased, so everything is connected and i think it does it damage?

yes, it's not good. i pricing is not the good news. of course, immediately for my company are reserves are better but for customers, because when we are looking for ping, jazz against and particular in order to substitute gas to core, which is good for climate change. but to do that, we need to have a lube a lower price, because cool. today is a king because corps is cheaper of an audio source of energy. so for us to the prices are too high, we need to find stability. going back to something more no more. by the way i would like to comment, but most of the guess market today is based on long term formulas. we to thought, i think to this, we quarter, we will sell or gas, 85 percent, or on $9.00 to $10.00. i'm young with you not 20 or $30.00. this is on is the spot market. and most of our large corporations, in fact, of edged that their supply. so i will, and so we,

we need to differentiate of his crises. what is this put part as a, nancy was a longer term con, twice, which is most of his gas market today. so yes, today it's good, but i hope that it depends of course of the weather as well. because if we winter his cord, we might of is i prices doing winter time. but again, it's not into us of the producer, the interest of the producer to develop gas market in particular in asia, is to come back to lower prices. and in fact, to convince our customer. but the best is to have a longer term formulas which stabilize more the impact of the spot, in fact, which are more bays, i would say on what we had in the old times s curve. so that's a feature, a lesson the overly suddenly be clear is that the more we put renewables in our electric system, we put intermittent celsius which depend on the waiver. so this year,

the markets of analyses it because there was a freeze decrease in february in u. s. less rain in china and brazil, less wind in europe. i don't know while or visit events appeared, occur. but this, as i would say, well or the inventories on gas. and so we see today and exceptional circumstance, i think that after winter time we should be able to come back to better prices and lower prices, which would be good for everybody. thanks so much for that, patrick, i'm going to bring in bernard at this point when you think about this with regards to b p, we understand that the you, of course, is talking about composing legislation today. they're going to roll that out in brussels, which would essentially require that all oil and gas drilling would be stopped in the arctic and that there would be an inability to bring those products to market. obviously that would impact to total energy. that would impact be potentially and how worried are you about that?

well, again, and it's great to be here and in moscow as well. thank you for including b p in the conversation. i think what this crisis in europe regard to prices has reminded us if we needed reminding is that, you know, energy is part of the life blood of society. and that energy use is only going in one direction in this world and that is upwards. so as we look at that hardly, i think one of the things that comes clearly out of this is what we would call redundancy or reliability. energy must be clean. yes, it must be affordable. yes. but it must be reliable. and we all understand that the sun doesn't shine at night that the wind doesn't always blow. so we have that question of rely renewables intermittency to deal with. but as patrick just alluded to, we also have global issues that have come together at this time. the rain,

the lack of rain in brazil and hydro economy has meant that a lot of l n g has gone from america to latin america and not to europe. massive demands post covered in asia has meant that a lot of l n g has had to go there. so it has been an unusual confluence of events on the back of very cold weather and particularly april in may in europe. and that means that we have the situation that we have now to your question, what do we need to do to do this? well, we need to invest and what do we need to invest in? well, we need to invest in redundancy and what is investing in redundancy? looks like it looks like investing in long term contracts in which we participate ourselves throughout the world. it means investing in natural gas because natural gas is a key balancer in the system. a key provider of redundancy,

it means investing in storage and storage capacities have dropped and it means investing in diversification of energy sources. so these are the things that need to be done to make sure that we have a system that has redundancy built into it. for a system that isn't just a nice to have, it's an essential to our way of life and that's what we're trying to do and in terms of our strategy. but that's what needs to happen. i think, throughout the world. so about on arctic drilling for oil and gas is not something that we're you bernard. so a ban on arctic drilling by the e. u is not something that worries you the issue that we need to address here is an issue of demand. i think the issue of supply is well documented. we are all doing

what we can on the supply side. but at the end of the day is supply goes away and demand doesn't change. that only has one consequence, and that is an escalation and price rises. so i'm not suggesting that the onus needs to be put on customers or society, but this is a system. and both the supply and demand side need to work together. just simply correcting a supply side issue without affecting demand will not result in a more stable system. it will result and more volatile system. and quite frankly, anything that's more volatile is typically not in the best interest of society. picking is all until patrick mentioned china present in the past, you've said that china and russia agree on a number of issues. you're very close in terms of your priorities, both regionally and globally. i just wanna get

a sense of how you feel about what's been happening of late in terms of rising tensions in the south china sea president. she has reiterated that it's the historic task to complete the readings vacation on the motherland that it must be fulfilled. and of course, he's talking about taiwan. when you think about this a bit more broadly, if china were to invade taiwan, would you say a real risk of war? oh, yes, they were slid, you live in missouri. if you followed sir, you're waiting for a quick ticket is going out of that is what sir. chinese leaders have been saying simply then you know that in one of the recent statements that i was present there, it was an international one event to spot of the un. give it a little stood chinese leader. they said that nibbler noodle shina his board does not plan to use acute, but then you will

a problem for certain your look back on the little doesn't want to use the armed forces, said to not forget it. address any issues. we're get those, that's not indirect quote, but in any case, and earlier on the, from my knowledge of far stay to the in china. and it's wisdom, civilizational wisdom. there's nothing about the force limit and 3rd book china does need force in terms of her bureau. here we take a purchasing euro power parity of the china is number one, it beats the u. s. u, but then it doesn't need force. it can wrap up this capacity and it can be implemented, snatched no girls, just so using leave those me is that i don't see any threats as for the south china sea dog. yes, yes not. but i will in the interior or a different, divergent i see interests there, but brushes though. stance is as follows. of $30000.00 was with him fit on the

money. all the countries in the region need to young figure it out with our cheney outside, interfere is just need to rely on the fundamental of provision, serve international log fisher. they need to address these issues through talks of them. so yes, we do see that there is such a prospects and so can be still used in terms of response. obviously, 3 and a half $1000000.00 of global trade flows through the south china sea every year and almost as much as in terms of oil as a straight form itself. so it's considered an international waterway. when you talk about external powers, those that are not regional, are you referring to the united states? yeah, go to tutoring countries where it could be going. it's not parts of this region . when you think about this a bit more broadly and present, she is of course,

take drastic measures to address this energy crisis. he's essentially suddenly issued by gas at any price. obviously there's a lot of conversations being had about whether or not china was going to be able to stick to their goals in terms of the climate change agenda. in the face of this rising crisis. how damaging do you think it will be to the green energy agenda if china is forced to be at this crisis to move away from their goals? losing the roku, asking the questions that i can't answer. i'm not the leader of china and the presence of russia would serve the chinese leadership who's planning. i don't know if the police know, because i don't know to the for itself. biggest trades are partner despite the slumping on the global economy. trade between russia and china has increased and up to 8 months or 9 months of sore. and when we're from

a few 100 more and more than 100000000000 williams, mr. then let's get then so we can reach, given that you're better performance. so china, for us is a very reliable partner, the thought from politics. but although these are strategic, her ally, ellen, e and partner across almost all areas that china is a large partner and allies that is in all of its commitment. if there are any because of a couple of questions or sorry, she is in economy. so we just sit down with you as we go, sheeting table and look for solution showing we managed to find those solutions. so we find those at the car points of conversions to work with and without includes our corporation in energy chinese is working together on one of the biggest project saying now yes, l n g together with towel towel, by the way, with the another tag from russia it loosen that button that says successful project manager the o r t k l n g. and then the 2nd project and said that we were part of that too. it

was also agreed garza to supply get there are natural gas along the pipeline. we build that pipeline, your total size for him. so volume lived, the beach, the $38000000000.00 cubic leaders of gas and the cost to ship consumer good us to ship with the millennium. china is a big her research and market centers to fill them with the go at the bathrooms facing growing consumption, and there will be a 2nd stretch fireman, gallia, go a little bit. and as i said, sir, let's say it's a post on co supplies with a look, i was to produce a lot of coal based on chinese taking extra action to move away from coal, easy to germany, but you have a population of 1500000000. do whichever they need to think about the interest of their people. that's what they're doing. and when they say wasn't using you

regardless of their care about who you rude dekalb denies, and there will be a longer period when they would consume more natural gas and willing to crease our supply through existing pipelines and through new promising routes. and usually the weather we can deliver on the road on every day where the china can deliver and all the still do the goals and not i didn't know because it's a very ambitious decision but so far to read. and they said they reached all goals . they sent for themselves with 100 percent execution. again, you will be with an economy. they've managed everything. you know, these gives us which is in using, you know, to get the w technological human mate, the load on the planet, the china will reach these goals. i want to bring an alarm

just because i think you have to leave us very shortly. we think about what's happening within good guards to climate change technology. how quickly that is evolving. and we've seen obviously this report from the to day essentially saying that not only are government going to have to incorporate is going to have to increase threefold, defending on green energy. they're also, of course, going to have to continue spending on traditional fossil fuels on oil and gas. how does that impact your strategy when it comes to going to electric sleep? good afternoon. the automotive industry is in a full transformation towards 0 mission mobility. and it is 3 main things that is driving this change. i'm going to start with technology and innovation. the progress that we have seen on electric drive, a battery energy density and all the features that you need to provide a competitive product compared to the incumbent technology is moving so fast that

we believe this.