ECONOMY

Two Greek-interest gas projects get EU subsidy

The European Commission unveiled on Monday a list of 250 power and gas projects eligible to share 5.85 billion euros of funding as part of plans to curb reliance on Russian gas and create a single energy market.

The funds will be shared among trans-European energy infrastructure projects from 2014 to 2020 with the aim of helping EU countries integrate their energy markets and diversify sources of supply, the bloc’s executive arm said.

The list includes up to 140 projects in the electricity transmission and storage sector, around 100 projects in gas transmission, storage and liquefied natural gas (LNG), and several oil and smart-grid projects, a statement showed.

One of the most high-profile projects on the list is the Trans Adriatic Pipeline (TAP), selected by a consortium in June to ship Azeri gas and help reduce the European Union’s dependence on Russian supplies.

The TAP pipeline will collect Azeri gas in Turkey and carry it across Greece and Albania before reaching southern Italy, stretching 870 kilometers.

A gas pipeline from offshore Cyprus to Greece via Crete is also on the list. [Reuters]