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Covestro CEO Markus Steilemann said the chemical industry and other sectors must reduce their reliance on fossil fuel feedstocks, especially on Russian gas, but an immediate embargo on Russian gas "could lead to the collapse of the entire production and supply chain" "
.
"The desire to call for an immediate halt to Russian gas imports is understandable .
However, this embargo is short-sighted, " Markus Steilemann said in a speech posted on the company's website ahead of the company's annual general meeting on April 21
.
“We have to admit that the gas supply in Germany cannot be restructured overnight
.
Immediately imposing a gas embargo will affect industries other than the chemical industry
.
The same goes for all downstream sectors
.
This could lead to the collapse of the entire production and supply chain, And it will jeopardize hundreds of thousands of jobs
," he said
.
Markus Steilemann, president-elect of the German Chemical Industry Association (VCI), said the post-Russian war in Ukraine "is a challenge for both our communities and our companies
.
No one knows what the long-term consequences will be
.
Or for the energy supply consequences"
.
Overcoming the industry's reliance on fossil feedstocks is a "huge challenge"
.
He added: "This war has made it clear that we must cooperate on new technologies
.
This is the only way we can end this dependence forever
.
"
