EastMed pipe

IGI Poseidon, the consortium that develops the EastMed pipeline, has invited companies to submit plans for the offshore parts of the proposed EastMed gas pipeline, which will run from the southeast Mediterranean into Europe via Greece and Cyprus.

“EastMed is a pipeline of strategic importance, not only for Greece but for the entire Europe, which is why we are closely monitoring its development,” Greece’s Environment and Energy Minister Kostis Hatzidakis said.

“The new tender invitation makes us very happy, as it proves that the project’s development is on track, despite the turbulence in the economy and the global energy market due to the COVID-19 pandemic. The Greek Government and our Ministry have prepared and implement a comprehensive plan that safeguards the diversification of energy sources and routes and ultimately, our country’s energy security,” he added.

The EastMed Pipeline will provide a secure export route from the new gas fields in the Levantine Basin (East Mediterranean) to Western-european markets, via Greece and Cyprus.

Following the pre-selection of the contractors, the preparatory services of the project will begin, namely: the review and adoption of the Application Studies (FEED) for the offshore sections and the Detailed Subsea Research and Mapping (DMS), which are in the stage of completion of the assignment, as well as conducting new studies, if necessary, the press release read.

The pipeline has been included in the European Union’s Projects of Common Interest (PCIs) and all of its studies and research are funded by the EU. In addition, IGI Poseidon decided recently to invest €70 million in order to complete the remaining stages of the project’s development and maturity, until the final investment decision (FID).

*Source: New Europe

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