Athens, February 21st, 2012: Following the Shah Deniz consortium announcement that it has made a provisional decision to go into exclusive negotiations with TAP to transport Azeri gas through the Southern Corridor, commenting on the decision, Harry Sachinis, Chairman of IGI Poseidon and Chairman and CEO of DEPA said:
‘We understand that this is just a provisional decision by Shah Deniz and we remain convinced that the ITGI project presents the best solution for the opening of the Southern Gas Corridor and for Azerbaijan, or other gas producing countries, to export their gas to Europe. ITGI is the most advanced pipeline system, the only one with all the necessary permits and agreements in place and strongly supported by the governments of both Greece and Italy. We also take note of the joint statement of support by the Italian Industry Ministry and the Greek Environment, Energy and Climate Change Ministry for the ITGI gas pipeline project and DEPA confirms its commitment to continue the development of ITGI as the most advanced option for the timely and most efficient opening of the Southern Gas Corridor.’
‘ITGI is the only project able to take a Final Investment Decision in line with the time schedule of gas production from Shah Deniz II field and thanks to the pipeline from Greece to Bulgaria (the IGB pipeline project) the ITGI system will enable the diversity of sources and routes of supply to Southeastern Europe from 2014.
Notes to Editors:
The ITGI project will be built on the basis of available gas from Shah Deniz II (10 billion cubic meters a year) and its capacity can be significantly expanded in order to guarantee transportation of additional supplies in the future.
The EU acknowledged ITGI as a Project of European Interest and included it among the Southern Gas Corridor Projects of the European Recovery Plan with a 100 million Euro financing. The IGB pipeline was included in the same plan with 45 million Euro financing. ITGI will work closely with the EU to create a roadmap for opening the Southern Gas Corridor in a phased way which will create the maximum short- and long-term benefits for EU countries as well as the best opportunities for cooperation in the Caspian region.
The ITGI project uses existing infrastructures in Turkey and Greece with a new pipeline to be built connecting Greece to Italy (IGI pipeline).
IGI pipeline comprises two sections: IGI Onshore (600 km onshore pipeline in the Greek territory to be developed by Desfa, the Greek Transmission System Operator) and IGI Poseidon (200 km offshore pipeline across the Ionian Sea under development by IGI Poseidon SA, a joint venture between Edison and the Greek company DEPA).
IGB pipeline (Interconnector Greece-Bulgaria): A spur line from Greece to Bulgaria with a transport capacity of 3 to 5 billion cubic meters per year. IGB will be built by IGI Poseidon and Bulgaria’s BEH.