Cyprus’ government has approved the bill on the EastMed pipeline project, the country’s Energy Minister George Lakkotrypis said in a statement.
Speaking after the meeting, Lakkotrypis said this project “has a chance to materialise.”
When asked whether the coronavirus pandemic has affected the prospects for cooperation between the countries involved, he responded that those involved in such big projects plan for years ahead.
The necessary studies are currently underway and soon the consortium will proceed with its effort to find buyers for the natural gas, he added.
The bill will now be sent to the House of Representatives for approval.
In April, Greece-based IGI Poseidon, which involves Greece’s Public Gas Corporation (DEPA) and Italy’s Edison as equal partners, invited companies to submit plans for the offshore parts of the proposed EastMed gas pipeline.
The 1,900-kilometre EastMed pipeline is intended to provide an alternative gas source for energy-hungry Europe, which is largely dependent on supplies from Russia and the Caucasus region. The estimated cost of construction is $6 billion.
The countries aim to reach a final investment decision by 2022 and have the pipeline completed by 2025 to help Europe diversify its energy resources, but it is being opposed by Turkey which said it’s not needed.