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Greece’s Energy Deal with Gaz de France

(GREEK NEWS AGENDA)   A memorandum of understanding between France’s Gaz de France-Suez and the Greek Public Gas Corporation (DEPA) was signed on Friday in Paris. The deal will insure Greece’s procurement with liquid natural gas (LNG). Greece’s main supplier in liquid natural gas is Algeria, however, in view of the drastic surge in domestic natural gas demand estimated for the next three years rising to 1 billion cubic meters per year, DEPA seeks to establish diversified partnerships. The contract with the Algerian Sonatrach provides for a total supply from 0.51 to 0.68 billion cubic meters annually. Algerian LNG began flowing in Greece in February 2000. The synergy with Gaz de France will provide business opportunities for both corporations in the markets of Southeast Europe and East Mediterranean, as well as in the sector of natural gas deposits’ exploitation. Ministry of Development: Energy & Natural Resources; Ministry of Foreign Affairs: Energy Affairs; European Commission: Energy-Gas