MILAN, Jan. 6 (Class Editori) - The intergovernmental agreement between Greece, Israel and Cyprus for the construction of the EastMed gas pipeline was signed yesterday in Athens.
The pipeline will develop for about 2,000 km, from the Middle East to Puglia, and will be able to transport at least 11 billion cubic meters of gas per year.
The project dates back to 2013, when Greece benefited from European funds to finance the preliminary works. EastMed will be created by Igi Poseidon, a company incorporated under Greek law jointly owned by Depa and Edison International. The estimated cost is around 6 billion euros.
According to analysts, the news is positive for Saipem, which could be among the main candidates to carry out the work, taking into account its track record in the laying of offshore gas pipelines in deep waters, the Blue Stream and Nord Stream.
Saipem is one of the most engaged Italian companies in the creation of interconnection, transport, energy and communication networks, driven by the Chinese Belt & Road Initiative through some strategic corridors including those that connect Europe and the Middle East via the eastern Mediterranean and more north which, through the belt of the CIS countries, pass through Iraq and Iran.
The group's activities are also geographically diversified, and currently hinge on the Persian Gulf area, where Saipem has played a historical role in helping to develop the oil industry in Saudi Arabia and Iran.
And this area is one of the BRI's key hubs in the Middle East. Qatar, Oman and Kuwait are launching giant refining and production projects, and Saipem plays a key role in some of them. In 2017, in the Middle East, Saipem has been awarded a new E&C Offshore contract worth about 1.3 billion dollars, which includes activities related to two gas export pipelines and two interconnection pipelines.
The pipes will be installed using Saipem's patented plasma welding technology, which allows greater productivity and guarantees safe, effective and quality execution of offshore operations.
(Source:Class Editori)
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