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Pedro Sanchez: Spain could provide an answer to the shortfall in gas supplies from Russia

The country is pushing to become a hub that carries natural gas to the rest of Europe

Pedro Sanchez: Spain could provide an answer to the shortfall in gas supplies from Russia

Source: Pixabay

Madrid, May 26 - Neftegaz.RU. Spanish Prime Minister Pedro Sanchez said that Spain has the answer to Europe's problem of finding an alternative to Russian gas and the country is ready to cope with the impact of Russian gas shortages.

Sanchez also recalled that Spain represents 37% of the total regasification capacity of the EU and, together with Portugal, it has about half of the EU’s LNG storage and the Iberian peninsula concentrates close to 50% of that LNG extract for the EU.

Speaking to CNBC, Sanchez also noted that Spain has a «very strong presence in renewables», which he believes are more competitive than gas.
He said:
  • Renewable energies, hydrogen and energy efficiency, are not only a great ally for countries and economies to face the efforts of climate change but in this geopolitical scenario so complex and so uncertain, they will also provide us with the means to increase our resilience and autonomy
The question of where Europe’s foreign gas supplies come from and whether there are alternatives to the continent’s dependence on Russia has never been discussed more than in recent weeks.
Sanchez said the EU’s energy market is not fit to respond to the current crisis:
  • This is just the beginning of a big reflection that we need to face at the European level
In addition to its storage and regasification capacities, Spain’s connection with Algeria – where 90% of its gas supply comes from – could help Spain provide an alternative to the supply of Russian gas to Central Europe.
In the medium term, Libya and Algeria have ample scope to increase their supplies to the EU.

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