When Mario Monti took the reigns in Rome last year, it seemed Italy was finally ready to start getting serious about the country’s dismal energy situation. Dependent on foreign reserves for about 90 percent of its energy needs, Rome announced plans to increase the country’s domestic production by 150 percent – a development that Economic Development Minister Corrado Passera suggested could bring in an estimated $18 billion in new investment and cut about $8 billion from the country’s energy bill. Although Italy’s domestic production has steadily declined since 2005, the country is home to Europe’s third largest oil reserves, with about a half a billion barrels, according to a Bloomberg report.
Reported by Forbes.com 2 days ago.
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