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New pipeline reduces oil dependence on Russia

A new pipeline connecting Greece and Turkey has opened and will reduce Europe’s dependence on Russian gas. The pipeline carries gas from the Caspian oil basin to Europe.

The costly 285-kilometre-long pipeline, will be capable of carrying 12 billion cubic metres of gas per year.

Officials say the project will be further expanded to Italy via an underwater pipeline to be completed by 2010.

The EU strongly backs the project as it is seeking to diversify its energy suppliers and reduce its dependence on Russia, which accounts for about a quarter of its gas.