DEPA International Projects S.M.S.A.

DEPA International Projects, a newly formed company created by the spin-off of the International Projects Branch of DEPA S.A., encompasses all activities for the development, management, exploitation and construction of cross-border natural gas energy projects, as well as other forms of energy, barring crude oil and oil products. Oriented towards the sustainable energy future of Greece and Europe, the company at the same time promotes infrastructure projects for biogas, hydrogen as well as storage installations, while pursuing strategic partnerships with the aim of developing new international activities of mutual interest. With the overall aim of Greece’s participation in the anticipated regional market growth and the shaping of relevant advances as well as the contribution to enhancing the country’s role as an energy hub, the company is in continuous deliberations with producers and consumers of natural gas and other alternative forms of energy, with the objective of securing the necessary quantities that will allow the viability of international projects but also ensure the adequate and competitive supply of the Greek and regional market.

In addition to that, DEPA International Projects consistently monitors all trends on international level and offers consultancy services as well as project management services to third parties, including training services, thus transferring the scientific knowledge and experience of its team in technical, financial and regulatory issues in the energy sector.

As a result, we have amassed considerable experience and expertise in order to be able to offer a wide range of consulting and technical services.

Our services offer among others:

• Project coordination and management
• Permitting services and communications with the relevant Authorities
• Tendering and contract management
• Techno-economic studies
• Construction management and supervision
• Energy markets and energy requirements analysis
• Safety and risk management studies
• Environmental and social impact assessment studies
• Design and drafting of quality assurance systems, environmental assurance systems and health & safety systems, etc.
• Portfolio preparation for co-funded and research programs

Activities of DEPA International Projects, via a 50-50 joint venture with Italian company Edison SpA under the Greek company IGI Poseidon, includes all participation in international projects. More specifically:

Interconnecting Pipeline Greece-Bulgaria (IGB)

The Interconnector Greece-Bulgaria Project (IGB) is implemented by ICGB AD with headquarters in Sofia, Bulgaria (50% IGI Poseidon – 50% Bulgarian Energy Holdings EAD) comprises of a 182km onshore pipeline (of which about 31km is located on Greek territory) and necessary supporting services.

It stretches from Komotini, Greece to Stara Zagora, Bulgaria, connecting the Greek and Bulgarian Natural Gas Transmission System Operators, and includes reverse flow capability. In the future it will be connected to Trans-Adriatic Pipeline (TAP). The IGB pipeline has an initial annual capacity of 3 billion cubic meters (bcm of natural gas) with the option to expand it to 5 bcm annually by constructing a compressor station. This project is the first link in a chain of pipelines that could reach Ukraine and other Central and Eastern European countries, interconnection national Natural Gas Transmission networks and creating the Vertical Corridor.

Project construction was completed in summer 2022 and commercial operation has commenced since 1st October 2022. The pipeline capacity increase to 5bcm annually is tied to the construction and operation of a Floating Storage and Regassification Unit (FSRU) in the port of Alexandroupolis, Greece. The completion of this project is estimated within 2024.

Eastern Mediterranean Interconnecting Pipeline (EastMed)

The Eastern Mediterranean Interconnecting Pipeline (EastMed), which extends over a length of 2,000km, with planned initial capacity 10 bcm annually, aims at direct transmission of natural gas from the fields in the Eastern Mediterranean basin to the European natural gas system via Cyprus and Greece. Its capacity can be increased up to 20 bcm. IGI Poseidon and the company shareholders are applying a fast-track maturity approach, aiming at fulfilling all prerequisites required in order to achieve a Final Investment Decision (FID) within 2-3 years. The EastMed pipeline is already in a mature design stage (FEED stage), completed in June 2023. The pipeline is by design capable of transporting hydrogen (hydrogen-ready), creating a new energy corridor from the future production countries in the Southeastern Mediterranean.

The environmental permitting process is already underway since the summer of 2022. Technical feasibility and commercial viability have already been confirmed since 2018 when the feasibility study was completed, and has been further updated based on a new study in the summer of 2022.

Due to its contribution to the European energy targets for supply safety and source diversification, this project has been declared a Project of Common Interest (PCI).

Poseidon Pipeline

The Interconnector Greece-Italy Poseidon Pipeline, has an initial capacity of 12 bcm annually and the potential to increase it to 20 bcm annually, is interconnected to EastMed pipeline at Florovouni, Thesprotia, Greece and consists of two sections: The onshore section with a length of approximately 760 km, starting from the Greek-Turkish border at Kipoi, Evros, crossing the regions of Eastern Macedonia & Thrace, Central Macedonia, Thessaly and Epirus, ending at the coast of Thesprotia, and the offshore section with a length of approximately 210 km which connects the coast of Thesprotia to Otranto, Italy. The main studies and most of the permitting process has been completed. This project has been labelled as project of national importance and public interest by the Greek government, while its development phase has been co-funded by the EU.

Moreover, the Installation Act for the offshore section has been issued on 18 April 2023.