EU bank gives €1.3bn for Italy’s energy security

Posted on 27 December 2013 by Priyanka Shrestha

The European Investment Bank (EIB) has approved a €1.3 billion (£1.08bn) loan to help support the security of gas supply in Italy.

The cash will help Italian oil and gas firm Eni’s 26 offshore projects, which include maintaining and upgrading existing wells and facilities as well as installing new platforms.

Some of the projects will be implemented by Eni in a joint venture with Edison, which is part of the EDF Group.

Currently 70% of Italy’s gas supply comes from non-OECD countries that “may present geopolitical risks for energy supply”, the EIB said.

Earlier this month the Bank invested €50 million (£42m) into a fund set up by one of Europe’s largest clean energy investment specialists.

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