Investigating the impact of Russia’s seizure of energy exports on the Finnish chemical industry
Koskinen, Tony (2023)
Koskinen, Tony
2023
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Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:amk-2023120434108
https://urn.fi/URN:NBN:fi:amk-2023120434108
Tiivistelmä
After Russia launched its invasion to Ukraine on 24th of February 2022 European union and other western countries placed sanctions upon Russia. As one of its counter measures to these sanctions Russia demanded payment in Rubles for the exporting of its natural gas. Finland was one of the countries that declined to pay Russia in Rubles and was thus cut off from Russian natural gas networks. This was a major problem for the Finnish chemical industry which relies on natural gas more than other industries for its energy.
The work on the thesis was conducted by first laying out the possible research question followed by investigative questions that aided the research. After deciding upon the questions, the author moved to look for sources and researched the theory on the subject, conducted an interview and finally came into conclusions and results to finish the thesis. For demarcation the thesis deals mainly with Finland and the ending of Russian energy’s impact on Finland’s chemical sector. Even though the Russo-Ukrainian war and the sanctions it caused to be placed upon Russia was the main reason for the ending of the energy imports it is only looked upon briefly in the thesis.
The empirical part of the thesis was executed as a qualitative and desktop study since the aim of the thesis was to find out the overall situation of an industry. One interview was conducted to strengthen the reliability of the thesis and research. The theorical framework in the thesis aims to research the impacts that the chemical industry of Finland suffered without access to Russian natural gas and energy. The focus of the theory is on Finnish chemical industry before the war, during the war, what impact the Russian sanctions had and the future of energy in the chemical industry.
The research found that Finland’s chemical industry was struck hard by the sudden ending of Russian energy though it was able to recover quite quickly. Finland’s chemical sector was forced to retain its energy usage on a large sector which led to minimizing of production, layoffs for employees, and overall energy saving. In some situation companies had to seize production in general since the prices of raw materials and intermediate products sky rocketed. Finland was able to recover its energy sourcing for natural gas with the help of obtaining LNG vessel’s from The USA and through Balticconnector that secured its natural gas imports from Estonia which helped the chemical industry to remain operatable and keep the prices of energy, raw materials and intermediate products within reasonable pricing.
The work on the thesis was conducted by first laying out the possible research question followed by investigative questions that aided the research. After deciding upon the questions, the author moved to look for sources and researched the theory on the subject, conducted an interview and finally came into conclusions and results to finish the thesis. For demarcation the thesis deals mainly with Finland and the ending of Russian energy’s impact on Finland’s chemical sector. Even though the Russo-Ukrainian war and the sanctions it caused to be placed upon Russia was the main reason for the ending of the energy imports it is only looked upon briefly in the thesis.
The empirical part of the thesis was executed as a qualitative and desktop study since the aim of the thesis was to find out the overall situation of an industry. One interview was conducted to strengthen the reliability of the thesis and research. The theorical framework in the thesis aims to research the impacts that the chemical industry of Finland suffered without access to Russian natural gas and energy. The focus of the theory is on Finnish chemical industry before the war, during the war, what impact the Russian sanctions had and the future of energy in the chemical industry.
The research found that Finland’s chemical industry was struck hard by the sudden ending of Russian energy though it was able to recover quite quickly. Finland’s chemical sector was forced to retain its energy usage on a large sector which led to minimizing of production, layoffs for employees, and overall energy saving. In some situation companies had to seize production in general since the prices of raw materials and intermediate products sky rocketed. Finland was able to recover its energy sourcing for natural gas with the help of obtaining LNG vessel’s from The USA and through Balticconnector that secured its natural gas imports from Estonia which helped the chemical industry to remain operatable and keep the prices of energy, raw materials and intermediate products within reasonable pricing.
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