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20.09.2017 16:47
Turkey Ratified the ITGI Gas Transit Project
The ITGI project is expected to bring Caspian gas to Europe but would also open the way to Turk Stream gas pipeline project

  • © EC Audiovisual Service

A gas transfer agreement between Turkey, Greece and Italy is set to increase its capacity for natural gas movement between the three countries.

The Interconnector Turkey- Greece-Italy (ITGI Poseidon) natural gas transportation project, which was proposed within the framework of the Southern Gas Corridor to transport Caspian gas to European markets via Turkey, was ratified. The announcement was released in Turkey's official gazette Tuesday, the Daily Sabah reported.

ITGI Poseidon aims to improve and increase gas transmission networks and to further develop gas trading between the countries. The agreement was initially signed on July 26, 2007 in Rome, and proposed the transportation of natural gas from the Shah Deniz gas field in Azerbaijan to Europe.

In addition to enhancing trade between gas producing and consuming countries, participants of the agreement aspire to contribute to other European markets as well. The agreement will ensure gas market liquidity in Turkey, Greece, and Italy as well as the diversification of natural energy resources.

The project would also open the way to the Turk Stream gas pipeline project which is to bring Russian gas to Turkey via the Black Sea, Natural Gas Europe noted.

In February 2016 Russia’s Gazprom, Italy’s Edison, and Greek DEPA signed an agreement for gas supply to Europe via the Black Sea. It was announced at the time that the parties intended to maximize deliverables of work performed by Edison and DEPA within the ITGI Poseidon project which foresees the construction of a Turkey-Greece-Italy interconnector pipeline.

TAGS: Turkey | Greece | Italy | ITGI | ITGI Poseidon | DEPA | Edison | Gazprom | gas pipeline | Turk Stream 

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20.03.2022  Teodor Bobochikov, Managing Partner, V-Ridium
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