This project, which has already reached an advanced phase of the authorization process both in Greece and in Italy, will be used to import eight billion cubic meters of natural gas a year from the Caspian Sea Basin, helping diversify the supply sources for Italy and Europe as a whole.
According to shareholders’ agreements, Depa will appoint its current chairman, Assimakis Papageorgiou, as the chairman of IGI Poseidon, and Edison will appoint its senior vice president of development and chairman of Edison Hellas, Roberto Poti, as CEO.
The Italian government, following a positive ruling issued by the European Union, has granted Edison and Depa the right to use the pipeline’s entire transmission capacity for a period of 25 years. Under an agreement executed by the two companies, 80% of the transmission capacity will be reserved for Edison, with Depa taking up the remaining 20%.
Mr Poti said: Edison and Depa will build together the final link in this new natural gas route. Construction of the pipeline will start in 2009, once the gas supply contracts have been signed. Completion is scheduled for 2012. This pipeline will help improve supply reliability and will increase competition in the natural gas market in Italy and Europe.
