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Gazprom and Edison highlight progress in setting up southern route for Russian gas supplies to Europe

Background

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.

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