2023-07-24 23:15:01
This is a plan that would help Venezuela reduce pollution.
With the help of Eni and Repsol SA, Venezuela is studying with the European Union (EU) a plan of 1,500 million dollars to capture its methane emissions and export them to the “old continent” in the form of natural gas.
According to information obtained by Bloomberg, the project would use a portion of the EU’s Global Gateway Initiative funds to capture methane emissions from idle oil wells and facilities in Venezuela.
That gas would then be shipped to Trinidad to be liquefied and transported to Europe.
It is a plan that would help Venezuela reduce pollution from the state oil company while bolstering the EU’s natural gas supply amid Russia’s war with Ukraine.
According to a spokesperson for the European Commission, the talks are still at a very preliminary stage.
A feasibility study will be the first step to determine the scope of repairs, while financing agreements have not yet been agreed, the person added.
Although an exact start date has not yet been set, the project is expected to be ready in about two years. For her part, Venezuelan Vice President Delcy Rodríguez confirmed the plan, without giving further details.
Among the companies that will be in charge of reviewing PDVSA’s centers, plants and gas pipelines are the Italian Eni, the Spanish Repsol and the French Etablissements Maurel & Prom SA.
Said plan includes the construction of a 90-kilometer gas pipeline that will connect Venezuela and Trinidad for some 350 million dollars and would take between 36 and 48 months from research to construction.
European Union leaders are trying to resume relations with Latin America in a race for influence with Russia and China, but disputes over Moscow’s invasion of Ukraine are hampering their efforts.
The EU announced last Monday that it will help invest more than 50,000 million dollars in Latin America and the Caribbean until 2027 in clean energy, critical raw materials, health and education.
The EU’s head of Foreign Affairs, Josep Borrell, pointed out the need to help Venezuela reduce its emissions in an interview in El País in May.
Venezuela “is one of the countries that produces the most methane for the benefit of no one, while in the EU we need gas,” Borrell told the newspaper.
“We are thinking of a project that allows us to extract this gas, take it to Trinidad and Tobago to liquefy it there and send it to Europe,” he added.
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