Italian Prime Minister Mario Draghi speaks during a press conference in Rome, Italy, on June 30, 2022. Italy's Cabinet of Ministers on Thursday approved a measure providing billions of euros in tax cuts and financing for natural gas as the government worked to reduce the economic impacts of surging fuel prices. (Str/Xinhua)
ROME, June 30 (Xinhua) -- Italy's Cabinet of Ministers on Thursday approved a measure providing billions of euros in tax cuts and financing for natural gas as the government worked to reduce the economic impacts of surging fuel prices.
Italian Prime Minister Mario Draghi announced the plan late Thursday after leaving the summit of the North Atlantic Treaty Organization (NATO) in Spain. Draghi attended the first two days of the summit in Madrid, and was replaced on the final day by Italian Defense Minister Lorenzo Guerini.
In his remarks, Draghi did not specify the total value for the aid package, but said the measure would include financing for 4 billion euros (4.2 billion U.S. dollars) in loans to energy market operator GSE to facilitate the refilling of gas storage capacity before demand increases next winter.
Draghi said that gas storage was currently around 50-60 percent of capacity and that his government was "confident we'll reach our target" of 90 percent of capacity by November.
Italian media reported that the total package, including the financing for GSE, could be worth as much as 8 billion euros (8.4 billion dollars), including cash to support long-term contracts for gas imports and a reduction in taxes on energy bills. ■
Italian Prime Minister Mario Draghi speaks during a press conference in Rome, Italy, on June 30, 2022. Italy's Cabinet of Ministers on Thursday approved a measure providing billions of euros in tax cuts and financing for natural gas as the government worked to reduce the economic impacts of surging fuel prices. (Str/Xinhua)
Italian Prime Minister Mario Draghi arrives for a press conference in Rome, Italy, on June 30, 2022. Italy's Cabinet of Ministers on Thursday approved a measure providing billions of euros in tax cuts and financing for natural gas as the government worked to reduce the economic impacts of surging fuel prices. (Str/Xinhua)
