Germany stops planned sale of VW's gas turbine business to China

illuminem summarizes for you the essential news of the day. Read the full piece on Reuters or enjoy below:

🗞️ Driving the news: Germany's cabinet has blocked the sale of Volkswagen unit MAN Energy Solutions' gas turbine business to Chinese company CSIC Longjiang GH Gas Turbine Co, citing security concerns

🔭 The context: The decision follows increasing trade tensions between the EU and China, with Germany reviewing transactions that may pose national security risks
• The sale, announced in June 2023, raised concerns about potential military applications of the turbines by China

🌍 Why it matters for the planet: This move highlights the growing scrutiny over international business deals involving critical technologies, emphasizing the importance of safeguarding technologies essential for public order and security

⏭️ What's next: MAN Energy Solutions will begin winding down its gas turbine development, focusing on protecting the interests of its employees, customers, and partners
• The company will retain its profitable turbine service business

💬 One quote: "We will carry out this phase with the utmost care, taking into account the interests of our employees, customers and partners," said a MAN Energy Solutions spokesperson

📈 One stat: The business employs approximately 14,000 people

Click for more news covering the latest on natural gas