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Teen solves centuries-old math problem
ATHENS, Greece, June 13 (UPI) -- Italian energy firm Edison announced a joint venture, IGI Poseidon, with the Greek company Depa to develop a 120-mile Greece-Italy natural gas pipeline.
Greek and Italian authorities already reached the final stages for the authorization of the equal stake joint venture project. The project will transport 282 billion cubic feet of natural gas per year through a pipeline under the Adriatic Sea, the business reporting Web site TradingMarkets.com said Friday.
Rome granted Depa and Edison full use of the pipeline capacity for the next 25 years in accordance with an EU ruling in favor of the project.
Edison will utilize 80 percent of the pipeline capacity, while Depa maintains 20 percent of the transmission capacity.
"Edison and Depa will build together the final link in this new natural gas route. Construction of the pipeline will start in 2009, once the gas supply contracts have been signed. Completion is scheduled for 2012," said Poseidon chief Roberto Poti.
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