After failing to become a European hub for natural gas, Italy is looking for alternative ways to use the fuel, said Politico EU.
The southern European nation has invested heavily in gas, building terminals, import facilities, and infrastructure. Italy hoped to export the environmentally-friendly resource all over Europe, but it’s faced disappointing progress.
One major setback was the introduction of renewable energy subsidies over the past five years, a process that severely diminished the profitability of natural gas. Italy has searched for years for alternative ways to use gas, and is now creating “LNG hubs” to export abroad and use domestically.
Natural gas is gaining momentum and market share in the country, with Sound Oil reporting a name change to Sound Energy in an effort to reflect the new changes to its primary assets.
Plans have been drawn up to invest heavily in LNG infrastructure for transportation, both on land and sea, as Italy hopes that its investment in natural gas will pay off.