Commodities and Futures News

Spain: New Gas Pipeline Could be Ready in 8 to 9 Months

2022.08.12 17:41

Spain: New Gas Pipeline Could be Ready in 8 to 9 Months

By Scott Kanowsky 

Investing.com — A new gas pipeline connecting the Iberian peninsula and France may be ready by next summer and could be used to relieve potential energy supply constraints in the rest of Europe, according to a top Spanish official.

In an interview on broadcaster TVE, Spain’s energy and environment minister Teresa Ribera said that the pipeline – which would run through the country’s Catalonia region and the Pyrenees mountains into France – could be operational “in eight or nine months.”

Ribera’s statement comes after German chancellor Olaf Scholz suggested that Europe use these new exports to counter any possible disruptions of key flows out of Russia.

The Kremlin has already slashed gas supplies to the continent, and European Union officials have expressed concerns that it may further lower exports to retaliate against Western sanctions instituted after the outbreak of the war in Ukraine.

Ribera described the situation as an “energy emergency” for Europe as it looks to wean itself off of Russian gas flows. She added that the Iberian pipeline plan would need “very important investment,” including the financial backing of Brussels.

Ribera also laid out two additional proposals to help Europe avoid a possible supply shortage. The first involves upgrades to existing infrastructure in Spain’s northern Basque region, with Ribera saying this would lead to a 20% to 30% rise in the country’s gas export capacity.

The second would see improvements to the logistics of Spanish boats and ports to boost the transportation of liquid natural gas to other places around Europe. The EU has had to increasingly depend on seaborne LNG imports from the Iberian peninsula due to dwindling Russian energy supplies, but pipeline capacity from the region to northern Europe remains limited.

On Thursday, Scholz said he discussed the new pipeline with leaders from Spain, France, and Portugal, as well as EU Commission President Ursula von der Leyen.

Source

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 97,968.25 4.49%
ethereum
Ethereum (ETH) $ 3,468.23 2.82%
tether
Tether (USDT) $ 0.99933 0.03%
xrp
XRP (XRP) $ 2.30 3.38%
bnb
BNB (BNB) $ 698.58 1.91%
solana
Solana (SOL) $ 200.46 7.24%
dogecoin
Dogecoin (DOGE) $ 0.334481 5.28%
usd-coin
USDC (USDC) $ 1.00 0.03%
staked-ether
Lido Staked Ether (STETH) $ 3,464.94 2.94%
cardano
Cardano (ADA) $ 0.926854 3.21%
tron
TRON (TRX) $ 0.255956 2.14%
avalanche-2
Avalanche (AVAX) $ 41.21 8.69%
chainlink
Chainlink (LINK) $ 24.92 5.22%
the-open-network
Toncoin (TON) $ 5.90 6.57%
wrapped-steth
Wrapped stETH (WSTETH) $ 4,104.01 2.57%
shiba-inu
Shiba Inu (SHIB) $ 0.000023 6.47%
sui
Sui (SUI) $ 4.58 0.07%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 97,532.13 4.16%
hedera-hashgraph
Hedera (HBAR) $ 0.316494 11.98%
stellar
Stellar (XLM) $ 0.394366 8.97%
polkadot
Polkadot (DOT) $ 7.48 4.07%
weth
WETH (WETH) $ 3,469.35 2.89%
hyperliquid
Hyperliquid (HYPE) $ 29.30 4.32%
bitcoin-cash
Bitcoin Cash (BCH) $ 465.31 2.72%
leo-token
LEO Token (LEO) $ 9.51 1.34%
uniswap
Uniswap (UNI) $ 14.28 2.79%
litecoin
Litecoin (LTC) $ 108.19 3.63%
pepe
Pepe (PEPE) $ 0.000019 5.54%
bitget-token
Bitget Token (BGB) $ 4.97 19.13%
near
NEAR Protocol (NEAR) $ 5.58 4.60%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,665.77 2.97%
ethena-usde
Ethena USDe (USDE) $ 0.999065 0.06%
aave
Aave (AAVE) $ 367.67 2.27%
aptos
Aptos (APT) $ 9.82 5.25%
internet-computer
Internet Computer (ICP) $ 11.33 7.76%
usds
USDS (USDS) $ 0.999825 0.24%
crypto-com-chain
Cronos (CRO) $ 0.162439 2.76%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.524035 6.26%
vechain
VeChain (VET) $ 0.051953 10.62%
ethereum-classic
Ethereum Classic (ETC) $ 27.67 3.25%
mantle
Mantle (MNT) $ 1.23 3.78%
render-token
Render (RENDER) $ 7.80 3.40%
bittensor
Bittensor (TAO) $ 500.11 4.52%
mantra-dao
MANTRA (OM) $ 3.87 3.18%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.39 3.97%
whitebit
WhiteBIT Coin (WBT) $ 24.87 2.27%
monero
Monero (XMR) $ 190.91 1.42%
dai
Dai (DAI) $ 1.00 0.03%
arbitrum
Arbitrum (ARB) $ 0.808472 2.93%
filecoin
Filecoin (FIL) $ 5.43 7.15%