Gazprom and Eni have signed a memorandum of understanding in Moscow over sales of Russian gas.
"The document reflects the parties’ interest in analysing the prospects for cooperation in developing the southern corridor for gas supplies from Russia to European countries, including Italy, as well as the modernization of the Russia - Italy gas supply agreements. The memorandum also provides for the consideration of partnership options in the LNG sector," Eni said after the signing.
Gazprom said: "The paper reflects interest of the parties in analysing prospects of cooperation in the sphere of developing the southern corridor of gas supplies from Russia to European nations, particularly to Italy, and upgrading contracts on Russian gas supply to the republic.”
Gazprom signed a contract for construction of the first line of the Turkish Stream – part of the southern gas corridor - offshore segment on 8th December, 2016. The Turkish Stream involves a gas pipeline via the Black Sea to the European part of Turkey to be further extended to the border with Greece. From there it would eventually deliver gas on to Italy. But most of the gas supplies from this first line are expected to be absorbed by the rapidly growing Turkish market.