Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » Italy urges EU to start work now on joint gas storage plan

    Italy urges EU to start work now on joint gas storage plan

    October 23, 2021
    Share
    Facebook Twitter LinkedIn WhatsApp
    European Union

    Brussels — Italy has urged the European Union to start work immediately on a plan to create a joint storage system for strategic gas reserves, Prime Minister Mario Draghi said on Friday.

    Speaking to reporters after an EU summit, Draghi said Brussels needed to draw up an inventory of gas reserves that are available today across the bloc.

    “On energy, Italy underlined the need to intervene immediately at a European level,” Draghi said.

    European gas prices have soared in recent weeks amid tight supply and surging CO2 prices as economies gradually emerge from the health pandemic.

    That has prompted some member states to call for an EU response – with Spain, Italy and Greece proposing a new system of joint gas buying among EU countries to form strategic reserves.

    Draghi said Brussels had come forward with a series of good proposals ranging from helping poorer families to developing interconnection between member states and integrating markets and gas storage.

    Earlier this week Draghi said the energy transition could not be done without state involvement.

    The surge in gas and power prices has stoked tensions between EU countries over the energy transition, with some saying new green policies could inflate consumer bills.

    Draghi, who said the issue of nuclear power had been discussed at the summit, said it was difficult to give up using gas in the short term.

    Europe is heavily dependent on gas to generate its electricity.

    He said Europe was still very divided on the taxonomy of energy sources.

    The EU’s “sustainable finance taxonomy”, aimed at stamping out “greenwashing”, is a list of economic activities and the rules they must meet to be labelled as green investments, starting next year.

    • Reuters (Reporting by Stephen Jewkes and Gavin Jones; Editing by Crispian Balmer and Angus MacSwan)
    • Follow us on twitter

    Related News

    NLNG, NCDMB launch training for 140 Nigerians as Train-7 hits 80% completion

    Cooking gas costs overshoot N70,000 minimum wage

    FG flags off N165bn disbursement to 10 gas firms under MDGIF

    Comments are closed.

    E-book
    Resilience Exhibition

    Latest News

    Crude climbs on US jobs report, China talks

    June 6, 2025

    Be deliberate in securing govt facilities in your communities – IBAS

    June 6, 2025

    UAE’s power capacity to reach 79.1GW in 2035

    June 6, 2025

    Gold steady near week high as markets brace for key US jobs data

    June 6, 2025

    Nigeria’s renewable power capacity to reach 1.7GW in 2035

    June 6, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.