Gazprom has announced a new gas pipeline under the Black Sea

Chairman of the Board “Gazprom” Alexey Miller, chief Executive officer of Italian Edison SpA mark Benyon and chief Executive officer, DEPA SA, the Greek Theodoros Kazakos signed a Memorandum of understanding, involving the supply of natural gas from Russia under the Black sea through third countries to Greece and from Greece to Italy”, stated in the press release of “Gazprom”.

The agreement was signed with the aim of “organizing the southern route of supplies of Russian natural gas to Europe”, States the company.

In the message “Gazprom” underlines that the parties are interested in the route of natural gas deliveries from Russia under the Black sea through third countries to Greece and from Greece to Italy and “most used” for these purposes will be the work done by Edison and DEPA in a project ITGI Poseidon.

“A potential project of a new route of deliveries, the implementation of which will be carried out in full compliance with EU legislation, will improve the reliability of gas supplies to Italy, as well as strengthen its role as major gas hub in southern Europe, consistent with the goals of the National energy strategy,” is contained in a press release statement by Mark Benayoun.

Before signing the document Miller met with the Minister of economic development of Italy Federica Guidi. The signing was attended by the Secretary General of the Ministry of foreign Affairs of Greece on international economic relations Giorgos Tsipras.

“The revival of ITGI Poseidon project enhances energy security of Europe thanks to the emergence of additional channels of delivery and increases the role of Greece as a major corridor for gas supplies from various sources and routes,” said Theodoros Kazakos.

ITGI (Interconnector Turkey — Greece — Italy) gas pipeline, planned in the framework of the project southern gas corridor from Turkey through Greece to Italy. Poseidon — project of construction of the offshore pipeline, ITGI, to be held on the bottom of the Ionian sea and will connect the gas transmission systems of Greece and Italy, States in the press release of “Gazprom”. Participants in IGI Poseidon S. A. on a parity basis are Edison and DEPA.

The agreement on construction of the Poseidon pipeline was concluded in 2002, it was signed by Greek DEPA and Italian Edison. It was designed for the construction of the strands from the Greek Stavrolimenas to the Italian Otranto. The cost of this project was estimated in 2008 at €1 billion, construction of the offshore section of €350 million Plot Turkey-Greece was completed in 2007, at that time the future of the Greek-Italian thread remained unknown.