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  • Edison and Depa: Poseidon Co., a Company Established to Built the Italy-Greece Natural Gas Pipeline, will be Operational in March
    édité le 29/01/2008 - Plus de news de "Edison" - Voir la fiche entreprise de "Edison"

Edison and Depa: Poseidon Co., a Company Established to Built the Italy-Greece Natural Gas Pipeline, will be Operational in March
At a meeting held today in Rome, which was attended by Pierluigi Bersani, Italy’s Minister of Economic Development, and Christos Folias, Greece’s Minister of Development, who was in Italy on an official visit, Edison and Depa signed a declaration of intent pledging to establish by March 2008 Poseidon Co., a 50-50 joint venture that will develop a project for the construction of the natural gas pipeline linking Italy and Greece within the framework of the ITGI Project. The declaration of intent was signed by Assimakis Papageorgiou, Depa’s Chairman and CEO, and Roberto Potì, Edison’s Director of Development.

In 2008, Poseidon Co will handle the launch of the Open Season Procedure, which should be completed during the first half of the year, and will develop the pipeline’s executive design. Prior to the signing of the agreement, the Italy-Greece Strategic Committee held its first meeting. This Committee, which includes officials from both governments, representatives of Edison and Depa and officials from the agencies with jurisdiction over the energy industry in both countries, reviewed the progress made by the project for the construction of the Italy-Greece natural gas pipeline and established operating guidelines for 2008.

The Poseidon Italy-Greece pipeline, which will be built between the Greek coast in the Thesprotia Prefecture and the Italian city of Otranto, in the Apulia Region, will have a length of 206 kilometers and will reach a maximum depth of 1,380 meters. It initial transmission capacity will be 8 billion cubic meters a year. The Italian government, acting on the strength of a positive ruling issued by European Union on May 22, 2007, 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%. In addition, Edison and Depa agreed to expand the pipeline’s transmission capacity, which they will make available to third parties through an Open Season Procedure, and to increase the volume of natural gas available at the Italian Virtual Trading Point, thereby contributing to the creation of the future Natural Gas Exchange.

The Poseidon pipeline will be connected to Greece’s national transmission network, which, in turn, will be linked with the Turkish network, thereby providing Italy and the other countries of the European Union with access to areas in the Caspian Sea Basin and the Middle East, where over 20% of the world’s reserves (30,000 billion cubic meters of natural gas) are located.

Origine : Communiqué Edison

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