Spain, France and Portugal agree on gas pipeline link

Spanish Prime Minister Pedro Sanchez said Spain, France and Portugal agreed on Thursday to build an energy pipeline linking the Iberian Peninsula with the rest of Europe, reviving a project Paris had long resisted.

The new project, which Sanchez called the Green Energy Corridor, would replace an earlier plan called MidCat, which emerged a decade ago but was shelved in 2019 because of regulatory and financial issues.

However, as Russia withheld gas supplies to most of Europe in response to sanctions over its invasion of Ukraine, interest in a connection to bring much-needed supplies from Spain to the rest of the continent has returned.

With energy prices soaring, Madrid has been pushing hard to revive the project, with the full backing of Berlin, which has seen Russian gas supplies through a key pipeline shut down indefinitely.

“We have agreed on a new project called the Green Energy Corridor to connect the Iberian Peninsula to France and thus to the European energy market between Barcelona and Marseille,” Sanchez declared upon his arrival for an EU energy crisis.

Sanchez said the pipeline would transport hydrogen and gas “during a transitional period required by the European energy market.”

Spain currently has six liquefied natural gas (LNG) terminals to process gas arriving by sea, which could help the EU boost imports through a better connection.

But it only has two low-capacity connections to the French gas network, which has connections to the rest of Europe.

https://economictimes.indiatimes.com/news/international/business/spain-france-and-portugal-agree-on-gas-pipeline-link/articleshow/94996729.cms Spain, France and Portugal agree on gas pipeline link

Russell Falcon

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