Russian gas exports to Greece began in 1996 under a contract between V/O Soyuzgazexport and the DEPA Public Gas Corporation of Greece, signed in 1988 and covering delivery of up to 3 bcm per year through 2016, inclusive. In 2014, this contract was extended to 2026.

DEPA is a state-controlled gas corporation established in 1988 to diversify Greece’s fuel and energy balance. It has exclusive rights to regulate and shape Greece’s natural gas market. Greece is gradually bringing its gas market functionality model in line with EU standards and requirements. The first steps in this direction entailed splitting off the transport unit of the DEPA national gas corporation into an independent specialized company, and providing potential new players in Greece’s gas market with access to the Greek transmission system.

For the purpose of developing Russian-Greek gas industry cooperation, Prometheus Gas S.A. was established in 1991 with equal equity participation by Gazexport and Copelouzos Broz Group Ltd. Prometheus Gas S.A. operations primarily deal with the construction of energy facilities in Greece, in accordance with the Supplement to the Intergovernmental Agreement of 1987. Facilities brought online to date include eight branch gas pipelines, the Florina thermal power station (300 MW capacity), and a compressor station at Nea Mesimvria.

In October 2016, Gazprom Export started deliveries of natural gas to Greece under the contract with Prometheus Gas.

In February 2016, the Memorandum of Understanding was signed among Gazprom, DEPA, and Edison S.p.A. on natural gas deliveries across the Black Sea from Russia via third countries to Greece and from Greece to Italy in order to establish a southern route to deliver Russian natural gas to Europe.

On June 2, 2017, Gazprom, DEPA, and Edison signed a Cooperation Agreement on southern route for Russian gas supplies to Europe. In accordance with the document, companies will coordinate the implementation of the TurkStream project and the Poseidon project in the area from the Turkish-Greek border to Italy.

As at December 31, 2016, a total of around 41 bcm of gas had been exported to Greece since the beginning of supplies. Supply to this country in 2016 amounted to around 2.68 bcm (a 35 per cent increase versus 2015). In first 11 months of 2017, Russian gas supplies grew by over another 10 per cent compared to the same period of 2016.