Gazprom, DEPA, and Edison ink Cooperation Agreement on southern route for Russian gas supplies to Europe

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RELEASE

Alexey Miller, Chairman of the Management Committee of Gazprom, Marc Benayoun, CEO of Edison and Executive Vice President of the EDF Group, and Theodoros Kitsakos, CEO of DEPA, today signed a Cooperation Agreement at the St. Petersburg International Economic Forum 2017.

Alexey Miller (center), Marc Benayoun (right), CEO of Edison and Executive Vice President of EDF Group, and Theodoros Kitsakos (left), CEO of DEPA, signing Cooperation Agreement at St. Petersburg International Economic Forum 2017
Alexey Miller (center), Marc Benayoun (right), CEO of Edison and Executive Vice President of EDF Group, and Theodoros Kitsakos (left), CEO of DEPA, signing Cooperation Agreement at St. Petersburg International Economic Forum 2017

Theodoros Kitsakos, Alexey Miller, and Marc Benayoun at signing ceremony

The signing ceremony took place in the presence of Carlo Calenda, Minister of Economic Development of Italy, and Giorgos Tsipras, Secretary General for International Economic Relations at the Greek Ministry of Foreign Affairs.

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

Layout of TurkStream gas pipeline route
Layout of TurkStream gas pipeline route

Layout of TurkStream gas pipeline route

Background

DEPA SA 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 SpA 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 a 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.

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.

 

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