RT.com
25 May 2022, 23:13 GMT+10
A 700-kilometer offshore link between Italy and Spain could help reduce energy dependence on Russia, El Pas reports
The European Commission (EC) is studying the possibility of building an offshore gas pipeline that would link the Iberian Peninsula with Italy, the newspaper El Pais reported on Wednesday.
Connecting Italy to Spain would be significant, given that Spain has the largest capacity for regasifying liquefied natural gas (LNG) in the European Union. There are six operating regasification plants in Spain, according to the report. However, the country's pipeline connection with most of the rest of the EU is limited because of the high Pyrenees mountains, which form the border between Spain and France.
According to El Pais, the 700-kilometer pipeline between Barcelona in Spain and Livorno in Italy appears on one of the maps in the REPowerEU plan. Constructing it is expected to take one to two years and will require an investment of between €2.5 and €3 billion ($3.2 billion). The pipeline could supply gas to both Italy and the countries of central and northern Europe, it said.
Spanish Prime Minister Pedro Sanchez said in an interview with CNBC on Monday that Spain and southern Europe as a whole could help reduce the EU's energy dependence on Russia. He noted that Spain accounts for 37% of the EU's regasification capacity.
Russia has been a major supplier of gas to European states. EC data shows the European Union receives 40% of its gas, 27% of oil and 46% of coal from Russia. EU members agreed to cut out Russian coal but have failed to reach a consensus on proposals to ban Russian oil imports. The difficult-to-replace pipeline gas also remains a stumbling block as the union discusses its sixth package of sanctions.
For more stories on economy & finance visit RT's business section
(RT.com)
Get a daily dose of Greek Herald news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Greek Herald.
More InformationLONDON, England: Surging food prices in the UK pushed consumer price inflation to 9.1 percent last month, a 40-year record ...
CLEVELAND, Ohio: It will take two years for U.S. inflation to fall to the central bank's 2 percent target, Cleveland ...
NEW DELHI, India: The European Union and India have relaunched talks to implement a free trade agreement, aimed to be ...
NEW DELHI, India: Industry sources have said that Air India is in talks with Airbus and Boeing for the possible ...
WASHINGTON, D.C.: U.S. President Joe Biden has said that he is planning to speak with Chinese President Xi Jinping soon, ...
LEAWOOD, Kansas: Shareholders of AMC Entertainment have rejected proposed executive compensations, including $19 million for CEO Adam Aron. The rejection ...
AMSTERDAM, Netherlands: Amidst Europe's response to Moscow's invasion of Ukraine and subsequent reduction of the deliveries of Russian gas, Germany, ...
LONDON, England: UK General Patrick Sanders, the new Chief of the General Staff, has told troops that Britain must be ...
Hossein Taeb, a hard-line cleric, was the intelligence chief of Iran's powerful Islamic Revolutionary Guards Corps (IRGC), the elite branch ...
Americans Maxime Cressy and 2019 champion Taylor Fritz will meet in the Rothesay International final on Saturday in Eastbourne, England. ...
Istanbul - Turkish President Recep Tayyip Erdogan welcomed Saudi Arabia Crown Prince Mohammed Bin Salman on Wednesday with a military ...
As Ukraine and Moldova receive candidate status, Western Balkan states voice frustrations over prolonged integration process, Die Welt reportsEuropean Union ...