Italy's Snam wins EU backing for hydrogen pipeline and CO2 storage

MILAN, Dec 1 (Reuters) - The European Commission on Monday included in its new priority list for cross-border energy projects two initiatives backed by Italian gas grid operator Snam, making them eligible for EU funding.

The commission had already added the projects to a priority list in 2023, but their presence in this year's update makes it likely that they will be included in Snam's updated industrial plan, due to be presented early next year.

Snam's projects, part of an EU list of 235, are a hydrogen pipeline linking Algeria, Italy, Austria and Germany dubbed the SoutH2 Corridor, and offshore carbon dioxide storage sites near Italy's Ravenna, part of the Callisto project.

Since they are among the so-called Projects of Common Interest and Projects of Mutual Interest, they will benefit from fast-track authorisation processes, as well as possible financial backing from the EU.

(Reporting by Francesca Landini, editing by Alvise Armellini)