Inauguration Of Turkey-Greece Pipeline, Fundamental Step Of ITGI Corridor

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November 19th 2007

The Turkey – Greece pipeline , an important part of ITGI gas transit corridor ( Turkey – Greece – Italy Interconnection) has been inaugurated today. It will allow, from 2012, to import into Italy 8 billion cubic meters of natural gas a year from Caspian Basin and Middle East, where over 20% of the world’s reserves are located ( 30,000 billion cubic meters of natural gas).

The pipeline corridor, for which Greece has received the first natural gas supply from Caspian Basin, has a length of 296 kilometres and will have a transport capacity of 11, 5 billion cubic meters a year. The Grecian and Turkish Premiers, Costas Caramanlis and Recep Tayyip Erdogan, were present at the infrastructure’s inauguration. The President of Azerbaijan, Ilham Aliyev, the Minister of Energy of the USA, Samuel Bodman and the Italian Ambassador, Gianpaolo Scarante, were also present to the event. The inauguration represents a tangible step into the development of gas route into South Europe and gives new impulse to the collaboration spirit between the two countries, already guaranteed by the intergovernmental agreement of last July, to which also Italy was present, represented by the Italian Minister of Economic Development, Pier Luigi Bersani.

By this agreement, the Italian, Turkish and Grecian Governments, have given a strong acceleration to ITGI development program, defining the tasks and responsibilities of the industrial enterprises involved, identifying the manner in which the agreement for transit of natural gas through Turkey will be finalized and establishing an intergovernmental coordination committee with the specific task of monitoring and facilitating the construction of the different parts of the infrastructure. By these manners, the governments have decided to support the activity of the industrial enterprises involved, the Italian Edison, the Grecian Depa and Desfa and the Turkish Botas, with the goal of shortening construction time and achieve operations within 2012. Edison participates to the project with the realisation of IGI, the 800 kilometres pipeline, of which 600 will be built by Desfa in Greece and 200 by Edison and Depa between the Grecian and Italian coast. This last part of submarine pipeline (Poseidon) will bring to Italy 8 billion cubic meters of natural gas a year.

“The inauguration of Turkey – Greece pipeline is a fundamental event for our country because it makes more concrete the interconnection of Italy with Middle East natural gas producing countries. The consequence is that also our responsibility, as involved enterprise into the construction of IGI grows up, it will be the completing part of this route, that will allow our country to diversify the supply sources , increasing safety too.” declared Roberto Potì, Development Director of Edison.In consideration of the fact that Poseidon has been recognized as a project of European Interest by the European Union, the Italian government granted Edison and Depa the right to use the pipeline’s entire transmission capacity for 25 years, from the obligation to provide access to the pipeline to third-party operators , through an open season procedure and increasing swaps of natural gas at the Virtual Italian Swap Point, contributing to the establishment of a Natural Gas Exchange. In order to ensure a supply of natural gas for the new pipeline, Edison and Depa have already started negotiations with some producing countries in the Caspian Sea Basin. Applications for permits to build and operate the IGI gas pipeline have been filed in Italy and Greece. In Italy, local.

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