The European Union has intensified its search for alternative trade and energy routes following a sharp rise in fuel prices due to the war in Iran. This was reported by the Associated Press, according to UNN.
Details
One of the key projects being considered by Brussels is the India–Middle East–Europe Economic Corridor (IMEC). European Commission President Ursula von der Leyen stated at the G7 summit that the EU is interested in developing new routes intended to make the supply of energy resources and goods more resilient to crises.
Betting on New Infrastructure
According to the AP, the IMEC project involves the development of transport, energy, and digital infrastructure between India, the Gulf states, and Europe. Specifically, this includes the construction of new pipelines, energy grids, and logistics routes.
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Brussels is also considering cooperation with the Gulf states to create infrastructure that would reduce dependence on the Strait of Hormuz—one of the world's most critical routes for oil and gas transportation.
Consequences of the War for Europe
According to von der Leyen, during the first 54 days of the war in Iran, EU expenditures on oil and gas imports rose by 25 billion euros. Furthermore, there are fears in Europe regarding long-term disruptions in the supply of aviation fuel and other energy resources.
The European Union also plans to encourage European companies to invest in renewable energy projects in the Gulf countries to strengthen the bloc's energy security.
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