Following discussions with energy ministers from several European countries, Israel has made a deal with Italy, Greece and Cyprus, for the construction of a subsea natural gas pipeline, which would connect Israel to Europe. The countries have agreed to support and continue pursuing the development of the pipeline project.
The document was signed on 3 April in Tel Aviv by the energy ministers of the four respective countries, along with participation of European Commissioner for Climate Action and Energy, Miguel Arias Canete.
Feasibility studies have been completed and the parties hope to develop a full plan for development by the end of the year.
Construction of the Eastern Mediterranean (EastMed) pipeline is estimated to cost NIS 22.5 billion (US$6.2 billion or €5 billion) and is expected to take approximately eight years to complete. While constriction will not begin for several years, the parties have targeted 2025 for the project’s completion.
It is set to be the longest underwater gas pipelines in the world, connecting fields offshore Israel to Italy, Greece and Cyprus.
“This is going to be the longest and deepest subsea gas pipeline in the world. It’s a very ambitious project,” The Jerusalem Post quoted Steinitz as stating.
The EastMed pipeline is reportedly backed by the European Union as it would help reduce European dependence on Russian energy sources.
Read the article online at: https://www.worldpipelines.com/project-news/07042017/eastmed-gas-pipeline-makes-progress/