The liberalisation of European gas markets is widely recognised as a major success by industry analysts. But EU politicians are reluctant to celebrate it because liberalisation on its own has failed to deliver on another key objective – supply diversification. Ironically, Europe is now more dependent on Russian gas than ever.
Italian Minister of Defence Roberta Pinotti is paying a “symbolic” visit today (31 July) to Cyprus in light of oil and gas drilling that a consortium of France's Total and Italy's Eni is now carrying out in the region.
The European Commission is expected to approve the second thread of the Turkish Stream pipeline stretching to Bulgaria's Black Sea shore, according to Bulgarian Prime Minister Boyko Borrisov who warned that the EU is becoming over-dependent on gas transited via Turkey.
Turkey, a country poor in energy resources, has voiced its ambitions to leverage its geographic position by becoming an even more important crossroads of supply routes and a giant energy hub, saying this would “improve” the EU’s energy security.
Asked to comment on the eventuality of a rebirth of the South Stream gas pipeline, Energy Union Vice President Maroš Šefčovič yesterday (31 May) voiced doubts that the project would be commercially viable in the first place.
The European Commission so far is only aware of general information about the project, and is therefore unable to make conclusive decisions, Commission Vice-President Maroš Šef?ovi? told EURACTIV in an exclusive interview.