On May 5, 2020, the Greek parliament approved law 4685 / A / 7-5-2020, designating the EastMed-Poseidon Pipeline project as a project of national importance and public interest for Greece, including the land section of Poseidon from the Greek-Turkish border to the Ionian coast in Thesprotia.
This landmark decision of the Greek Parliament follows the signing of the EastMed Pipeline Intergovernmental Agreement, signed by Cyprus, Greece and Israel on January 2, 2020, the ratification process of which is underway by the Greek Parliament and the Greek-Italian 2005 Agreement for the Poseidon Pipeline.
The EastMed-Poseidon project, in conjunction with the Interconnector Greece-Bulgaria IGB, also developed by IGI, will complete the South East Europe energy system, broadening the Southern Gas Corridor with a new route to secure gas in Eastern Mediterranean area. The project significantly enhances the energy security of the wider area.
As a result of the project’s contribution to Europe’s energy security goals and to facilitate the delivery of gas to the Eastern Mediterranean, the EU has included the EastMed-Poseidon project in the list of the 4th project of common interest, which came into force on 31 March 2020, thus confirming the PCI status granted for the first time in 2013. The development of the project is supported through co-financing by the EU Connecting Europe Facility (CEF).
Finally, Mr. K. Xifaras, CEO of DEPA INTERNATIONAL WORKS and President of IGI Poseidon, said: “I would like to thank the Government, and personally Minister Hatzidakis, for the valuable support in the development and implementation of this project, which represents one of the most important strategic investments made by a Hellenic Company in Greece. With the development of the EastMed-Poseidon project, Greece continues to contribute to Europe’s energy by maximizing its geostrategic role as a bridge to diversified gas sources. The main contracts for the development of the Project have been awarded recently, proving that the development of the Project is on track, despite the difficult conditions and economic turmoil caused by the COVID-19 pandemic”.