Bloomberg News

Greece’s Depa Studies Mediterranean Gas Pipeline, Minister Says

January 16, 2012

Jan. 16 (Bloomberg) -- Greek natural-gas supplier Depa has conducted a preliminary study into building an underwater pipeline between Cyprus and Greece, Environment and Energy Minister George Papaconstantinou said.

The pipeline, which would carry natural gas from the eastern Mediterranean, would run from Cyprus to the southern Greek Peloponnese region via the island of Crete and is “entirely feasible” from a technical aspect, Papaconstantinou told a Cypriot newspaper, according to an e-mailed transcript of his comments sent late yesterday from his Athens-based Ministry.

The project’s economic viability must be investigated, and Depa is also looking at building a liquefied natural-gas terminal as a possible alternative, Papaconstantinou said. As well as being destined for export markets, Greece has a growing demand for natural gas, he said.

Both Cyprus and Israel have discovered natural-gas reserves in their exclusive economic zones. Greece will start the process to sell Depa and its fully owned gas grid operator Desfa SA by the end of this month.

--Editors: Jennifer M. Freedman, Leon Mangasarian

To contact the reporter on this story: Paul Tugwell in Athens at ptugwell1@bloomberg.net

To contact the editor responsible for this story: Jerrold Colten at jcolten@bloomberg.net


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