Italian energy group Edison (part of the EDF group), Greece's gas supply company DEPA and Russian gas giant Gazprom have signed a Cooperation Agreement aimed at establishing a southern route for Russian gas supplies from Russia to Europe. The companies would coordinate the implementation of the TurkStream gas pipeline project between Russia and Turkey and the Poseidon gas pipeline project in the area from the Turkish-Greek border to Italy.
Gazprom-led TurkStream project aims at delivering 31.5 bcm/year of Russian gas to Europe, of which 15.75 bcm/year to Turkey and 15.75 bcm/year to other European markets. The proposed Poseidon project, developed by IGI Poseidon, the 50-50 joint venture of Edison and DEPA, would be a 8-12 bcm/year gas pipeline, that would stretch between Komotini (Greece) and Otranto (Italy).
In February 2016, Edison, DEPA and Gazprom already signed an MoU on Russian gas deliveries across the Black Sea to Greece and to Italy in order to establish a southern route to deliver Russian gas to Europe.