The US$250-million pipeline is expected to transport 500MMcum/yr of gas to Greece, helping the country to remove its reliance on gas from Russia. The pipeline's capacity may also allow additional throughput should plans progress to develop the Turkey-Greece link as a new transit route into Europe, via Italy or the Balkans. Greece is reported to be enthusiastic, with development minister Akis Tsohatzopoulos quoted as saying: "This deal will help Greece meet its energy needs and ensure that we act as a transit point for European countries." Italy's Edison and Greece's state-owned Depa signed a memorandum of understanding last July to build a two-way deepwater line connecting Greece to Italy, but a final deal has not yet materialized. ENI's 1998 feasibility study of a similar route is understood to have been shelved. Meanwhile, both sides have said that the pipeline project would be financed in part by loans from the European Union.