A new European gas pipeline link could be ready in 9 months as support builds to bypass Russian supplies

German Chancellor Olaf Scholz.
A new gas pipeline link from the Iberian Peninsula to France could be ready within nine months, said Spain’s energy minister. 
The new project could boost Spain’s gas export capacity by up to 30%. 
Meanwhile, Russia has slashed capacity on its Nord Stream gas pipeline to just 20%.

A new European gas pipeline link could be ready in less than a year as the continent moves to minimize its reliance on Russian supplies amid a worsening energy crisis.

On Friday, Spain’s energy and environment minister told local media that a segment of pipeline from Spain to France could be ready in nine months and boost gas export capacity by 20% to 30%, according to a Financial Times

On Thursday, German Chancellor Olaf Scholz voiced support for a new pipeline, adding that he had discussed it with leaders from Spain, Portugal, and France, as well as European Commission president Ursula von der Leyen. 

Meanwhile, Portuguese Prime Minister António Costa tweeted his…

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This article was written by [email protected] (Phil Rosen) and originally published on markets.businessinsider.com