On 4 November 2019, IGI Poseidon, a 50% - 50% JV between DEPA S.A. and Edison S.p.A, signed a Memorandum of Understanding with Israel Natural Gas Lines company LTD (INGL) in relation to the EastMed Pipeline Project.
The agreement outlines the parties’ intention to co-operate in the joint development of the Project, aiming to convey the Eastern Mediterranean gas resources to Europe, forming a joint working group and steering committee exploring various aspects of the project and such cooperation.
The memorandum of understanding was signed by the Chairman, Kostas Xifaras and the CEO, Pierre Vergerio on behalf of IGI Poseidon SA, and by the Chairman, Eitan Padan and CEO, Samuel Tordjman on behalf of INGL.
Eitan Padan, Chairman of INGL’s Board of Directors: “The project, if accomplished, will be of extreme strategic importance for the Israeli gas industry, will strengthen the economic ties with the European Market and is expected to strengthen Israel's status as a key player in the global gas market and, moreover, will contribute to the economy."
Pierre Vergerio, CEO of IGI Poseidon: “The Memorandum of Understanding marks an important and concrete step forward in the development of the new route connecting the stable and attractive European gas market to the new diversified sources of East Med basin. The construction of this new route will allow to mitigate the decline of domestic sources in Northern Europe and to ensure the integration of markets in Southern Europe."
According to the MoU, IGI Poseidon and INGL will cooperate to assess the configuration of the Project, in a co-ordinated manner, with existing, planned or under development infrastructures in Israel, Cyprus and the East Mediterranean Basin.
Read the article online at: https://www.worldpipelines.com/business-news/08112019/igi-poseidon-and-ingl-sign-mou-for-cooperation-in-eastmed-gas-pipeline/