Shell boss Ben van Beurden has applauded European efforts to support consumers hit by a surge in gas prices but warned governments not to meddle in the market with price caps.
European governments keen to intervene to limit gas prices should focus on protecting weaker parts of society from high energy prices, the Shell chief executive said.
“Can we make a meaningful intervention in gas markets here in Europe? That is a much more challenging prospect,” he said.
“The solution should not be government intervention but protection of those who need protection.”
Mr Van Beurden also told the Energy Intelligence Forum in London that he “struggled” to see how a price cap on Russian oil would work.
Meanwhile, the British government is looking at long-term energy contracts with other countries to secure supply, UK prime minister Liz Truss has said.
Asked if she is contemplating buying many years' worth of Norwegian gas at close to current prices, Ms Truss told reporters in Birmingham that the talk was premature. “What I have said is, first of all, we will move forward on our own energy security," she said.
“So that’s more renewables here in the UK, it’s more nuclear power here in the UK, and it’s also moving forward faster with using North Sea facilities.
“But we are looking at long-term energy contracts with other countries because as well as making sure we’ve got a good price, energy security is vitally important."
European commissioner Paolo Gentiloni said on Tuesday that a whole of Europe approach would be the best outcome for address the gas market crunch.
“We are not blaming countries, we are not discussing the fact that single countries and member states, inevitably, are supporting their economies,” he said.
“But if we want to avoid fragmentation, if we want to face this crisis, I think we need a higher level of solidarity and we need to put in place … common tools.”
Germany has drawn criticism from some EU capitals and institutions in the past days for unilaterally announcing a €200 billion ($198bn) support package for its companies and households struggling with a surge in energy prices.
“And we never want to be in a position again where we’re dependent on authoritarian regimes for our energy. That’s why we’re in the situation we are now,” Mr Gentiloni said
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More on animal trafficking
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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Dirham Stretcher tips for having a baby in the UAE
Selma Abdelhamid, the group's moderator, offers her guide to guide the cost of having a young family:
• Buy second hand stuff
They grow so fast. Don't get a second hand car seat though, unless you 100 per cent know it's not expired and hasn't been in an accident.
• Get a health card and vaccinate your child for free at government health centres
Ms Ma says she discovered this after spending thousands on vaccinations at private clinics.
• Join mum and baby coffee mornings provided by clinics, babysitting companies or nurseries.
Before joining baby classes ask for a free trial session. This way you will know if it's for you or not. You'll be surprised how great some classes are and how bad others are.
• Once baby is ready for solids, cook at home
Take the food with you in reusable pouches or jars. You'll save a fortune and you'll know exactly what you're feeding your child.
The specs: 2018 Dodge Durango SRT
Price, base / as tested: Dh259,000
Engine: 6.4-litre V8
Power: 475hp @ 6,000rpm
Torque: 640Nm @ 4,300rpm
Transmission: Eight-speed automatic
Fuel consumption, combined: 7.7L / 100km
UAE currency: the story behind the money in your pockets
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
EA Sports FC 26
Publisher: EA Sports
Consoles: PC, PlayStation 4/5, Xbox Series X/S
Rating: 3/5
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
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FIXTURES
Monday, January 28
Iran v Japan, Hazza bin Zayed Stadium (6pm)
Tuesday, January 29
UAEv Qatar, Mohamed Bin Zayed Stadium (6pm)
Friday, February 1
Final, Zayed Sports City Stadium (6pm)
THE BIO
Ms Davison came to Dubai from Kerala after her marriage in 1996 when she was 21-years-old
Since 2001, Ms Davison has worked at many affordable schools such as Our Own English High School in Sharjah, and The Apple International School and Amled School in Dubai
Favourite Book: The Alchemist
Favourite quote: Failing to prepare is preparing to fail
Favourite place to Travel to: Vienna
Favourite cuisine: Italian food
Favourite Movie : Scent of a Woman
Tales of Yusuf Tadros
Adel Esmat (translated by Mandy McClure)
Hoopoe
COMPANY PROFILE
Name: Akeed
Based: Muscat
Launch year: 2018
Number of employees: 40
Sector: Online food delivery
Funding: Raised $3.2m since inception
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
