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Italy to use EU funds to become energy hub for Europe

Italy intends to use funds coming from the European Union under the so-called REPowerEU plan to completely wean itself off Russian gas and turn the country into energy hub for the bloc as per The Prime Minister Giorgia Meloni who met with relevant ministers and the CEOs of energy groups Eni (ENI.MI), Enel (ENEI.MI), Snam (SRG.MI) and Terna (TRN.MI) to mention the need to cooperate with Africa on energy supplies.

With total funds close to 300 billion euros, the REPowerEU plan is aimed at ending the EU’s dependence on Russian fossil fuels and tackling the climate crisis.

Money coming from the RePowerEU could also be devoted to build the so-called SoutH2 Corridor, a link to bring hydrogen that would be produced in northern Africa to northern Europe, one source with knowledge of the matter said.