Placement of Managing Director Konstantinos Xifaras at the Delphi Economic Forum

Signing of the Agreement for the Greek-Bulgarian IGB Interconnector Pipeline on October 10, 2019
June 26, 2020
March 9, 2021

The CEO of DEPA INTERNATIONAL PROJECTS Mr. Konstantinos Xifaras spoke from the platform of the 5th Delphi Economic Forum entitled “The Next Day” about the highest importance of natural gas, the EastMed pipeline.

Asked about the role of natural gas in the energy transition of Greece, Mr. Xifaras stressed that natural gas is the most environmentally friendly fuel and significantly reduces greenhouse gas emissions.

As he said, it is a high energy efficient fuel and much more competitive than other fossil fuels, while it has a safe and proven technology of distribution and storage, which makes it the most suitable fuel for the delignification era.

Mr. Xifaras also referred to the data of the International Energy Organization, according to which the transition from coal to gas will reduce emissions by 50% in the production of electricity and by 33% in the production of heat, something that could be interpreted in total savings of CO2 emissions by about 10% in the energy and heat sectors in Greece, while, with the transition from lignite to existing gas-fired units, there is the possibility of reducing the total CO2 emissions in the country by about 4%.

After all, according to the CEO of DEPA INTERNATIONAL PROJECTS, “even if lignite production is stopped in just one year, domestic gas supplies can successfully fill the gap that will be created.”

Mr. Xifaras pointed up that “natural gas is the preferred fuel in the coming decades, enhancing the energy transition.”

Asked about the importance of the EastMed pipeline, Mr. Xifaras said that it is an EU-supported project that contributes to Europe’s energy security, while playing a key geopolitical role for Greece, Cyprus. Israel and Italy.

As he explained, the project is supported by the government and the European Union, while reviewing the procedures that have already been completed, Mr. Xifaras said that during the period 2015-2018, IGI POSEIDON completed the technical, economic and environmental studies, confirming that the EastMed pipeline is technically feasible, economically viable, competitive and complementary to export alternative solutions in the region.

As he characteristically said: “We are sure that we will be able to make the Final Investment Decision within 2-3 years”.

At the same time, the company’s efforts for the active participation of interesting parties in the development and implementation of the project were intensified, within the framework of the agreements signed at the end of last year.

Mr. Xifaras, regarding the role of DEPA INTERNATIONAL PROJECTS in the midst of the opportunities and challenges that arise in the Eastern Mediterranean, said that DEPA INTERNATIONAL PROJECTS is becoming the main lever in energy diversification and security of Greece through the participation strategy in a number of new pipelines and infrastructure.