Released on: November 6, 2007, 11:18 am

Press Release Author: newnews

Industry: Financial

Press Release Summary: (ATHENS) - Greece and Italy on Wednesday signed a protocol to
build a pipeline that by 2011 will give energy-hungry European Union countries
access to natural gas from the Caspian Sea region via Turkey, officials here said.


Press Release Body: Work is due to begin next year on the pipeline between western
Greece and southern Italy that will have a 220-kilometre (140-mile) underwater
stretch as well as running overland across Greek territory.

\"It will be linked to the recently built Greek-Turkish pipeline that will begin
service in 2007,\" said Greek Development Minister Dimitris Sioufas after meeting
with his Italian counterpart Pierluigi Bersani and Greek Prime Minster Costas
Karamanlis.

That pipeline, stretching over 300 kilometres (186 miles), is due to start bringing
natural gas from Azerbaijan and other Caucasus producers to Italy and other European
countries from June this year.

Edison, Italy\'s second-largest power company, and Depa, a Greek state-owned gas
company, are partners in running the new Greek-Italian gas pipeline.

The initial eight billion cubic meters of transmission capacity of the pipeline will
be 80 percent reserved to Edison and 20 percent to Depa for 25 years, Edison said
Wednesday.

The pipeline will have the added effect of loosening Russia\'s grip on energy markets
in the Caucasus region.

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Contact Details: Athens, Greece