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this post was submitted on 05 Aug 2023
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Interesting. Never heard of it. But it could be that is project will never have been build. Russian gas has been mostly replaced by liquid gas tankers. And the demand of gas is shrinkinhg in Europe.
https://en.wikipedia.org/wiki/Trans-Saharan_gas_pipeline?wprov=sfla1
Thing is that LNG is significantly more expensive and trades on spot markets making prices unpredictable. It's also not possible to ship LNG in same volumes as pipeline gas. Gas in Europe hasn't been so much replaced by LNG as the supply having been reduced leading to the recession and deindustrialization we're now seeing. It's no longer cost effective to do manufacturing in places like Germany, and industry is now shutting down.
The EU economy prognosis for 2023 is still positive. As far as I am aware only some countries are in a recession, not the EU in total.
And that "industry is shutting down" is also exaggerated.
I think this recession will be for Europe only. The US will canibalize part of EU's industry while the rest moves to Asia. Living standards will never recover. Maybe this even becomes a depression. As you can see Germany's PMI is fast approaching major recession levels.
Yeah, the US seems to be better off.
But there still does not seem to be data that the EU will be in a recession very soon, it Still at +0,?%