EU Commission proposes $2.1b investment in EU oil infrastructure

The European Commission wants to invest up to two billion euros (2.1 billion U.S. dollars) in oil infrastructure to help landlocked European countries replace Russian oil with imports from elsewhere.

“That’s of course in the context of the sanctions that we are proposing on the imports of Russian oil,” a senior European Commission official said.

The official was referring to an EU embargo on Russian oil currently blocked by Hungary and other central European countries.

The money would be used to build new supply channels and to adapt refineries and other infrastructure for oil other than Russian products.

Another official said some investments could also be made in other European Union countries, including Germany, to create links to sea ports in the Baltic and the Adriatic Sea.

The proposed oil infrastructure investments are part of a comprehensive EU proposal, worth up to 300 billion euros, to move away from Russian fossil fuel imports.

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