Greece and Italy plan undersea gas pipeline

Apr 28, 2005 02:00 AM

Greece's state-owned gas supplier Depa and Italy's Edison have signed a provisional deal to build a 220 km (136-mile) natural gas pipeline under the Ionian Sea, a Depa spokeswoman said.
The pipeline will transport Caspian Sea natural gas to western European markets.

Under the memorandum of understanding, construction costs of a projected EUR 350 mm ($ 452 mm) will be shared equally between Depa and Edison, while the work will be carried out by a jointly owned venture named Poseidon.
The undersea pipeline would link up with a 600 km (373-mile) pipeline, running from Komotini in north-eastern Greece, which in turn will be linked to Karacabey, Turkey.

Greece will try to secure European Union development funds for part of the venture.
The Turkey-Greece-Italy pipeline system is part of the Southern Europe Gas Ring project, intended to carry Caspian natural gas to Europe by the end of 2006.

Source: Rogers Media Inc.
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