A review would likely create tensions between Italy and the developers of the 4.5 billion euro ($5.3 billion) TAP project, which include British oil group BP, Italy’s Snam and Spain’s Enagás.
SEATTLE (Oil Monster): A plan to build the final stage of a $40 billion international gas pipeline in Italy is under review, the country’s new environment minister said, calling the project “pointless”.
Italy is at the end of the Southern Gas Corridor, a pipeline taking gas from central Asia to western Europe. It is a cornerstone of the European Union’s energy security policy which aims to wean the bloc off Russian gas supplies.
Environment Minister Sergio Costa, sworn in on Friday as part of a ruling coalition of anti-establishment parties, said Italy’s involvement in the Trans Adriatic Pipeline (TAP), the final stage of the 3,500-km (2,200-mile) corridor, would be reviewed along with some other major projects.
“TAP is on the table and we are looking at it as a priority ...,” said Costa, who was nominated as minister by the coalition’s biggest party, the pro-environment 5-Star Movement.
“Given (our) energy policy, given falling gas demand, that project today looks pointless,” he added in written responses to a series of questions put to him on Tuesday and Wednesday.
A review would likely create tensions between Italy and the developers of the 4.5 billion euro ($5.3 billion) TAP project, which include British oil group BP, Italy’s Snam and Spain’s Enagás.
The TAP consortium did not reply to a Reuters request for comment.
It is unclear whether the minister’s comments will translate into action. Costa said any decision on TAP’s future would also involve other ministers.
The 5-Star also has more radical environmental policies than its coalition partner, the right-wing League.
The parties have said they will form a special committee to resolve any differences between them on the “realization and completion of public works of national significance”.
The League did not immediately respond to emailed requests for a comment.
In recent years demand for gas in Italy has risen but it is still well below its peaks of a decade ago.
Italy, which imports more than 90 percent of its needs, has key gas contracts with Russia, Libya, Algeria and Holland and previous governments have sought to create a European gas hub.
Courtesy: www.reuters.com
United States Crude Oil Prices | |||
---|---|---|---|
COMMODITY | PRICE | CHANGE | |
Alabama Heavy Asphaltic Sour | 64.94 | -1.73 | |
Alabama Light Sour | 72.16 | -1.92 | |
Alabama Light Sour Womack Hill Type | 55.28 | +5.30 | |
Alabama Light Sweet | 77.16 | -1.92 | |
Alabama/ Florida Panhandle | 72.22 | 0.00 |
Plastic Keychain Magnet
Keychain Magnets as gift items to promote your Scrap Metal Recycling business!. Letters and numbers can be imprinted. Available Colors: Red, Blue and Green
$2.59
Scrap Metal Test Magnet 10 lb N52 Neodymium Rare Earth
Retrieval and Metal Testing Magnet. Contains The Most Powerful Grade of Neodymium Rare Earth Magnet (N52). Case Material: Aluminum
$9.99