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

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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