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Dow Will 'Slow Something Down' If Europe Cuts Natural-Gas Use

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(Bloomberg) -- Dow Inc. said it will have to curb some of its operations in Europe if the region reduces its natural gas use in response to Russian supply cuts.

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“We are looking at it from a standpoint of maintaining the business in Europe and trying to keep everything running in the event of a curtailment,” Chief Executive Officer Jim Fitterling said in an earnings call. “But that would mean that we’d have to slow something down.”

The European Union is proposing to cut its consumption of gas, a key feedstock for Dow’s chemicals production, by 15% over the next eight months amid mounting concern that Russia will halt exports in retaliation for sanctions after its invasion of Ukraine. US oilfield services provider Baker Hughes Co. warned this week that some of its industrial operations in Europe are bracing for power failures amid gas shortages.

In April, Dow bought a minority stake in an energy hub that would include a natural gas import terminal to be located at Dow’s industrial park in Stade, Germany. Separately, the German government recently approved Stade as a location for another floating natural gas import terminal.

Read: German Decides on Location of Two More Floating LNG Terminals

(Corrects last paragraph to show the Stade gas import projects are separate.)

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