Gazprom, DEPA, Edison Memorandum of Understanding

24.02.2016

Gazprom, DEPA and Edison sign Memorandum of Understanding

Alexey Miller, Chairman of the Gazprom Management Committee, Marc Benayoun, CEO of Edison SpA, and Theodoros Kitsakos, CEO of DEPA SA, signed today the Memorandum of Understanding on natural gas deliveries across the Black Sea from Russia via third countries to Greece and from Greece to Italy in order to establish a southern route to deliver Russian natural gas to Europe.

The signing ceremony took place after the meeting held today in Rome between Alexey Miller and Federica Guidi, Italian Minister of Economic Development. The ceremony was attended by Giorgos Tsipras, Greek Foreign Ministry's Secretary General for International Economic Relations.

The agreement reflects the interest of the parties in the natural gas supply route across the Black Sea from Russia via third countries to Greece and from Greece to Italy. In working towards that goal, the parties are committed to take advantage of the work done by Edison and DEPA within the ITGI Poseidon project to the fullest extent possible.

"The expansion of the intra-European gas transmission capacities is an essential component for enhancing the reliability of gas supply, including from Russia, to consumers all over Europe," said Alexey Miller.

"The potential development of a new supply route, that is planned to be implemented in full compliance with EU laws, will strengthen Italy's gas supply security as well as its role as an important natural gas supply hub in Southern Europe, which is in line with the objectives of the National Energy Strategy," said Marc Benayoun.

"The revival of the ITGI Poseidon project improves Europe's energy security with an additional supply route and enhances the role of Greece as a corridor for natural gas deliveries from diversified sources and routes," stated Theodoros Kitsakos.

Background

Italian Edison SpA is a subsidiary of EDF. Its business areas include procurement, exploration, production and sale of hydrocarbons, as well as production and sale of electrical power.

Greek DEPA Group is focused on wholesale purchases, sales and supplies of natural gas to industrial consumers and households in Greece. At present, the Greek Republic owns a 65 per cent stake in the company and a 35 per cent stake is held by the domestic oil refining company Hellenic Petroleum S.A.

ITGI (Interconnector Turkey - Greece - Italy) is a natural gas pipeline project proposed in the framework of the Southern Gas Corridor from Turkey to Italy via Greece. Poseidon is a construction project for the ITGI offshore section across the Ionian Sea to connect gas transmission systems of Greece and Italy. Edison and DEPA are equal partners to IGI Poseidon S.A.

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