Libya can raise its natural gas production by 30 percent with an investment of up to $1 billion, Italy’s Ambassador to Libya, Giuseppe Buccino, said at a round table discussion at the LUISS University in Rome this week. Last year, Libya exported around 3.2 billion cubic meters of natural gas to Italy via the Greenstream gas pipeline. In March, Cingolani said that Italy, which depends for 40 percent of its gas demand on Russia, would need at least three years to replace Russian gas supply. Italy and other EU member states have accelerated plans to reduce their dependence on Russian gas following Vladimir Putin’s invasion of Ukraine. The high dependence of the EU on Russian gas doesn’t allow it, for now, to sanction Russian gas exports or to place an embargo on imports of Russian gas in response to the war in Ukraine.

Source: Libya Today April 13, 2022 22:43 UTC