The Greek company Mytilineos is one of the three largest importers of Russian natural gas in the country.
"We have pushed the sustainability and the green transition issue far too much than the economy and societies could afford ... we have totally neglected thereby the security of supply. Energy is about the security of supply and about price. At the moment, security of supply, which was considered a given, has disappeared. Europe is in real danger of security of supply," Mytilineos said at the 26th Annual Economist Government Roundtable.
European central banks are in a dire position, having to raise interest rates while the economy is going into recession, the CEO stated. He said he was not sure how the European economy and households will cope with the combination of high inflation, high interest rates and soaring prices.
"We are accelerating our green transition... the European Union and the Commission is pushing but there is a time gap of 3-4 years until we have enough energy [for Europe]," Mytilineos added.
According to the businessman, Russia is extremely important for the European and global energy sector and the current situation in Ukraine poses insurmountable problems before Europe.
Greece is a relatively small market and its energy needs could be partially covered by its indigenous resources. As for the LNG, Mytilineos said that his company has booked a slot for 2023-2024 already. He believes that the national infrastructure is prepared for the transition, but the country needs a stable LNG provider that could replace Russia.
Athens are hosting the 26th Annual Economist Government Roundtable on July 5-7. World leader, ministers, international organization representatives and CEOs have convened to discuss the topic "Antitheses, transformations and achievements in a changing world."