EU supports Nigerian gas pipeline to Europe

Energy Trade

The EU is ready to support the financing of a €5.3 billion ($7 billion) pipeline to carry gas from Nigeria to Europe, as the bloc seeks to diversify its sources of energy.

„Absolutely, we're ready, not only to ensure security of supply, also because we support the development of Africa's energy infrastructure,” EU Energy Commissioner Andris Piebalgs told reporters on Saturday after a meeting with Algeria's Energy Minister Chakib Khelil in the western Algerian city of Oran. The 4,500-kilometer (2,800-mile) pipeline would run from the delta of the Niger River, in southern Nigeria, across the African state of Niger to Algeria and then across the Mediterranean Sea to Spain, with possibly a branch going to Italy, Khelil said in an interview last month.

African producers are increasing investments in gas projects as Europe seeks to reduce its dependence on Russian gas. Algeria is Africa's largest gas producer and Nigeria is the continent's largest oil producer. A study done by London-based Penspen Ltd. showed that the pipeline, to be called NigAl, is feasible and could be completed by 2015, Khelil said in October. The pipeline would have a capacity of 8 billion cubic meters a year, which could be tripled if neighboring Niger, Mali and Burkina Faso sign gas-supply agreements, the Algerian state-owned oil company Sonatrach said last year. Algeria is already sending gas to Italy and Spain through two pipelines across the Mediterranean. The North African state is in the process of building two new pipelines to the two European nations. (Bloomberg)


Companies Borrow HUF 256 bln in October Banking

Companies Borrow HUF 256 bln in October

MPs Approve Tax Changes Parliament

MPs Approve Tax Changes

Mahart Container Center Depot Opening at Budapest Airport Transport

Mahart Container Center Depot Opening at Budapest Airport

Countries Exchange Experiences for Better Production of Catt... Conferences

Countries Exchange Experiences for Better Production of Catt...


Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.