EU to earmark 647 mln euros in key infrastructure projects
Xinhua, October 30, 2014 Adjust font size:
Member States of the European Union on Wednesday agreed to allocate 647 million euros to support key priority infrastructure projects.
The bulk of the support will cover gas projects in the Baltic region as well as in Central Eastern and South Eastern Europe. Funding will come from an EU programme called the Connecting Europe Facility (CEF).
According to a statement, the supported projects are aiming to increase Europe's energy security and help end the isolation of Member States from EU-wide energy networks.
Those projects will also contribute to the completion of a European energy market and the integration of renewables to the electricity grid.
Vice-President of the European Commission, energy commissioner Gunther Oettinger said that the geopolitical crisis has highlighted the need to better connect energy networks.
"This is also crucial for an integrated energy market where consumers get the best value for their money." He added.
Most of the money will directly or indirectly finance gas projects. Besides the construction of new pipelines, these gas projects also include terminals to ship liquefied natural gas (LNG) in the Baltic region, Central Eastern and South Eastern Europe.
