Welcome back.
Russia plays a pivotal part... in Europe's energy supplies...
as...
it provides...
the continent...
with 45-percent... of its natural gas...
45-percent of its coal... and 25-percent of its oil.
Accordingly...
pundits say... the Kremlin is weaponizing energy... to discourage...
Europe's support of Ukraine.
For more...
I have Professor Shin Sang-hyup ... from Kyung Hee University...
here in the studio.
Welcome...
Professor Shin.
I also have Professor Sebastian Herold...
at the Darmstadt University of Applied Sciences...
over in Germany...
live on the line.
Professor Herold...
it's a pleasure.
1) Professor Shin... let's start with a few words on Europe's dependence on Russian energy...
that is... prior to Moscow's invasion
of Ukraine.
2) Professor Herold...
following ten days of maintenance work...
natural gas from Russia is flowing into Germany...
via the Nord Stream 1 pipeline.
Now...
I understand...
it's flowing at 40% capacity... which is more or less what it had been before the maintenance
halt.
What are the broader implications... of this reduction... in supply?
3) Professor Shin... beyond Germany...
how is the escalating cost... of natural gas... affecting other countries...
including South Korea?
4) Professor Herold... against this backdrop...
Russia and Iran have sealed... a 40-billion U.S. dollar deal...
for future gas and oil projects.
What do you suppose... is the significance... of this energy deal...
given the current state of global affairs?
5) Professor Shin, it's not simply natural gas of course.
U.S. President Joe Biden was recently in the Middle East, seeking a
boost in oil production by OPEC-PLUS.
That being said, what are your prospects on oil supply and demand in the latter half of
this year?
6) Professor Herold... the Biden administration has been urging... for a cap... on the price...
of Russian crude oil.
Now...
there
is a bit of debate... over this cap... with some
energy experts claiming...
it would serve... to push prices up... further.
What are your thoughts?
7) Professor Shin...
U.S. Treasury Secretary Janet Yellen also called... on Finance Minister Choo Kyung-ho...
to join... the price cap campaign... and Choo has pledged... the
Yoon administration's support.
How does this support...
look to affect...
South Korea's future energy imports... from Russia?
8) Professor Herold... how does the globe's present energy crisis compare... to that...
of the 1970s?
9) Meanwhile...
Professor Shin... how should South Korea seek... to navigate... the
current climate... of energy challenges?
10) And Professor Herold...
how is Germany working... to overcome...
its plight... with regard to energy... amid... the current heatwave... and also... ahead
of the upcoming winter?
All right.