Every time Prime Minister Giorgia Meloni talks about the Mediterranean, she finds a way to mention the project Italy energy hub. Broadening the concept, in the light of the latest Srm-Intesa Sanpaolo 2023 Report, Italy can aspire to a hub role for the energy transition. Through the creation of new LNG regasification plants but also of transport hubs hydrogen and biofuels.
Beyond the political announcements and the (hoped-for) success, there are two essential components that would give substance to the initiative: energy and the sea. The first, after the Russian-Ukrainian war, has assumed an extraordinary strategic value for the reduction of Russian gas imports. The second has a commercial value of many millions of euros, given that the Italian ports will be the checkpoint for Europe. To get an idea of how important naval traffic is in the Mediterranean, it is worth looking at Suez passage where in 2022 they passed 23.400 navi which netted Egypt over 8 billion dollars. The concept of an energy hub is already suitable for most of today Italian ports. In the past, refineries, junctions for oil and gas pipelines and storage tanks were built in their vicinity, now destined to be transformed to handle green fuels. It is clear that they will not only manage LNG, biofuels or hydrogen, but also quotas of fossil energies that we will still need for a long time. But preparation is a must.
Ports, LNG terminals, South: Srm's report on the sea
The "Italian Maritime Economy" report elaborated by the Intesa SanPaolo Group's Srm Study Center studied the fast-paced naval market and makes shipowners' eyes shine. The turbulence is behind us and Italy is the privileged country in the Mediterranean. A country with historical imbalances but with the South called to seize the best opportunities in investment, sustainability and employment. How much of the 377 billion euros of naval import-export can go to Sicily, Puglia, Calabria, Campania? The study believes there is room for 7 new regasification terminals near ports and 5 pipelines to transport 140 billion cubic meters of LNG. An enormous quantity that requires investments for the adaptation of ports such as Cagliari, Augusta, Taranto, Brindisi, Salerno, Catania.
"The issues presented in the Italian Maritime Economy Report play a fundamental role for the future of our country and of Europe, as well as for the new structures of a manufacturing grappling with forms of logistical reorganization of the value chains", he says Gian Maria Gros-Pietro, Chairman of Intesa Sanpaolo. The Italian turnover has "in the South an expression of excellence in the port and shipping sectors" adds Massimo Deandreis, general manager of SRM. The Bank is by no means outside the system which needs credit and support.
Ships and CO2
Traffic is measured on the ability of the shipowners and related industries to economize costs and make profit on orders. Selecting the business figures, it turns out that throughout the Mediterranean, the Italian leadership it is the most driven, covering 40% of the total trade with 252 million tons of goods transported. How compatible is all this with the energy transition and the impacts on the environment? 47,7% of all orders (in terms of GT) in July 2023 - certifies the Sam Report - are related to ships using alternative fuels while in 2017 this share was only 10,7%. And what expectations can the cities of the South have, given that they will see merchant ships loaded with fuel arrive? Mediterranean ports are improving, maritime organizations and the Navy respond. Today, maritime transport produces a total of 2,19% of CO2, and all in all it is bearable. Ships will have to be more resilient and digitised, there is no doubt. Here a very tough battle with Asia is announced, a reality where the green economy is not exactly a priority. If the 5-year forecast to make Italy the Mediterranean gas bridge (ships and pipelines) is confirmed, the South will have one of the decisive matches. In concrete terms, it means going from 84,4 billion euros in the value of goods managed to something much bigger. We inevitably arrive at the node of the Pnrr. A way to go with 630 million euros of investments. The money concerns 8 Special Economic Zones (Zes) and there are 240 applications underway with 55 authorizations issued to the Government Commissioners. These are numbers from the Srm Report. Do southern ports have to compete with China, Korea, Japan? The chorus of men of the sea says yes. But the 5 years foreseen in the Italian maritime economy end in 2028 with the PNRR (almost certainly) out of time.
