Edison sees investment decision on Cyprus-backed pipeline by year-end

08:56 - 20 March 2023

Current Affairs

Italian energy group Edison is going to make its final decision on whether to invest in the East-Med Poseidon project – a pipeline to deliver east Med gas to European markets – by the end of this year, the company's VP for gas assets has told Reuters.

The pipeline, which is supported by Israel, Cyprus and Greece, would initially connect several gas fields offshore Israel to Italy and have an annual capacity of 10 billion cubic metres (bcm) of gas, and could be ready by 2027.

"We expect to take the final investment decision (FID) by the end of this year. With a FID in 2023, the project would be realised by 2027," Fabrizio Mattana, Edison's executive vice president for gas assets, told the news agency in an interview.

The EastMed-Poseidon pipeline is on the list of EU Projects of Common Interest published in 2021. However, it has also drawn criticism, and Greenpeace has asked Brussels not to fund it for both environmental and geopolitical reasons.

Edison is seeking explicit support from Rome. "Our hope is that Italy will sign the intergovernmental agreement [inked by Israel, Cyprus and Greece in 2020] on the pipeline. We have asked for it, we are having positive contacts with the government," Mattana said.

(Source: Reuters)

Edison sees investment decision on Cyprus-backed pipeline by year-end

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