NewsLocalEU funding retained for cross-border natural gas projects in Cyprus and Malta

EU funding retained for cross-border natural gas projects in Cyprus and Malta

Cross-border natural gas projects in Cyprus and Malta that currently have Projects of Common Interest status should retain that funding until those countries are fully connected to the European gas network.

And this despite the European Commission’s plan to end such funding, according to a draft document seen by Reuters.

The EU’s different stance on the two small islands’ projects could help ensure the completion of Greece, Cyprus and Israel’s Eastmed pipeline to supply Europe with gas from the eastern Mediterranean.

The countries aim to reach a final investment decision by 2022 and complete the project by 2025.

In the meantime, EU countries will seek to prolong EU support for cross-border natural gas projects.

The EU’s “TEN-E” rules define which cross-border energy projects can be labelled PCI, giving them access to certain EU funds and fast-tracked permits.

The EU is rewriting the rules in line with its climate change goals, as it seeks to reach zero net greenhouse gas emissions by 2050.

Top Stories

Taste