A gas transfer agreement between Turkey, Greece and Italy is set to increase its capacity for natural gas movement between the three countries.
The Interconnector Turkey- Greece-Italy (ITGI) natural gas transportation project, which was proposed within the framework of the Southern Gas Corridor to transport Caspian gas to European markets via Turkey, was approved and released in Turkey's official gazette Tuesday.
ITGI now aims to improve and increase gas transmission networks and to further develop gas trading between the countries.
In addition to enhancing trade between gas producing and consuming countries, participants of the agreement aspire to contribute to other European markets as well. The agreement will ensure gas market liquidity in Turkey, Greece, and Italy as well as the diversification of natural energy resources.
The agreement was initially signed on July 26, 2007 in Rome, and proposed the transportation of natural gas from the Shah Deniz gas field in Azerbaijan to Europe.