Gazprom and Edison highlight progress in setting up southern route for Russian gas supplies to Europe
A working meeting between Alexey Miller, Chairman of the Management Committee of Gazprom, and Marc Benayoun, CEO of Edison and Executive Vice President of the EDF Group, took place today at the St. Petersburg International Economic Forum 2017.
The meeting participants highlighted the progress achieved in setting up a southern route for Russian gas supplies to Europe and discussed issues related to the implementation of the Cooperation Agreement inked by Gazprom, DEPA and Edison on June 2, 2017. Among other things, the parties touched upon the TurkStream and Poseidon gas pipelines. It was noted that the pipelaying within TurkStream's offshore section had commenced on May 7, 2017, and that the construction of the gas pipeline's second string would make it possible to annually deliver 15.75 billion cubic meters of gas to the border with Europe. In that regard, the parties stressed the importance of the Poseidon project for timely creating the relevant receiving infrastructure in Europe.
In addition, the meeting participants reviewed the potential for deeper cooperation in the gas sector.
Edison SpA (part of the EDF Group) 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.
On June 2, 2017, Gazprom, DEPA, and Edison inked the Cooperation Agreement aimed at establishing a southern route for Russian gas supplies from Russia to Europe, which would run across Turkey to Greece and further to Italy. Pursuant to the document, the companies will also coordinate the implementation of the TurkStream project and the Poseidon project in the area from the Turkish-Greek border to Italy.
TurkStream is the project for a transit-free export gas pipeline stretching across the Black Sea from Russia to Turkey and further to Turkey's border with neighboring countries. The first string of the gas pipeline is intended for Turkish consumers, while the second string will deliver gas to southern and southeastern Europe.
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.