IGI Poseidon and INGL to cooperate on EastMed pipeline project
The two companies will work on the joint development of the pipeline, which aims to transport gas resources from the Eastern Mediterranean to Europe. They will also form a joint working group and steering committee to explore various aspects of the project.
The Memorandum of Understanding (MoU) was signed by IGI chairman Kostas Xifaras and CEO Pierre Vergerio, as well as INGL chairman Eitan Padan and CEO Samuel Tordjman.
"The project, if accomplished, will be of extreme strategic importance for the Israeli gas industry, will strengthen the economic ties with the European market and is expected to strengthen Israel's status as a key player in the global gas market and, moreover, will contribute to the economy,” commented Padan.
IGI Poseidon’s Vergerio added: “The Memorandum of Understanding marks an important and concrete step forward in the development of the new route connecting the stable and attractive European gas market to the new diversified sources of East Med basin. The construction of this new route will allow to mitigate the decline of domestic sources in Northern Europe and to ensure the integration of markets in Southern Europe.”
Under the MoU, IGI Poseidon and INGL will assess the configuration of the pipeline project with exiting, planned or under-development infrastructure in Israel, Cyprus and the East Mediterranean Basin.