Elio Ruggeri, CEO of IGI Poseidon, has stressed the importance for southeast Europe of the East Med pipeline, a project to link Greece with major natural gas deposits in Cypriot and Israeli territorial waters, in a speech delivered at an Economist conference in Athens.

Ruggeri noted that the IGI Poseidon consortium is contributing to the effort to develop a natural gas corridor of multiple uses in the wider region, which will include Russian gas, the most important aspect.

“We are making an effort with Gazprom and, by the end of the year, will know whether the idea will lead to some sort of initiative,” Ruggeri remarked.

Ruggeri added that IGI Poseidon will seek to bring East Mediterranean natural gas to Europe via the East Med pipeline, adding that the project is technically and economically feasible. “There were doubts in the past. We examined the technical and economic sustainability through studies conducted by a leading research firm. This study was completed and showed that the project is technically feasible. Without a doubt, the project can be constructed. The project is also economically sustainable,” Ruggeri noted.

He also said that major potential exists for further natural gas discoveries in the East Mediterranean. “This could mean a new Norway. The region wil require many export solutions. Production and export must be co-developed,” he noted.