Gazprom, DEPA, and Edison ink Agreement of Cooperation on the Southeast European Pipeline

Alexey Miller, Chairman of the Management Committee of Gazprom, Marc Benayoun, CEO of Edison and Executive Vice President of EDF for Gas and Italy, and Theodoros Kitsakos, CEO of DEPA and Chairman of IGI Poseidon, today signed a Cooperation Agreement at the St. Petersburg International Economic Forum 2017 at the presence of Carlo Calenda, Minister of Economic Development of Italy. George Tsipras, Secretary General for International Economic Relations at the Ministry for Foreign Affairs of the Hellenic Republic also attending the signing ceremony.

The document envisages joint efforts aimed at establishing a southern route for Russian gas supplies from Russia to Europe, which will run across Turkey and Greece to Italy. The three companies will coordinate the development and implementation of the TurkStream project and of the Poseidon project from the Turkish/Greek border to Italy, in full compliance with relevant applicable legislative framework. In addition, the Agreement formalizes the arrangements on expanding cooperation in the field of Russian gas deliveries.

Background

On February 24, 2016, Gazprom, Edison, and DEPA signed the Memorandum of Understanding on natural gas deliveries from Russia across the Black Sea and third countries to Greece and from Greece to Italy in order to set up a southern route for Russian gas supplies to Europe.

DEPA with its long presence in Greece’s gas market constitutes a modern and competitive group of companies with a dynamic presence in the energy sector. DEPA promotes strategic infrastructure in order to supply natural gas at competitive prices from diversified sources and routes with a view to assuming a leading role in the markets of the broader S.E European region.

Edison is a leading Italian and European player in the procurement, production and sale of electricity, in the provision of energy and environmental services and in the E&P sector. Founded over 130 years ago, Edison has contributed to the country’s electrification and development. Today it operates in Italy, across Europe and in the Mediterranean basin, employing 5,000 people. In the power generation sector, Edison has plants with total capacity of 6.5 GW.

The Poseidon pipeline is an import gas project designed and authorized to connect the Greek and Italian gas systems. The Project will be further extended for allowing direct transportation into Italy of gas sources available at the Turkish/Greek borders, substantially contributing to the European energy targets on security of supply.

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