The Israeli government ratified a deal on the EastMed pipeline project signed with Greece and Cyprus.
The 1,900-kilometre EastMed pipeline, which has been in planning for several years, is intended to provide an alternative gas source for energy-hungry Europe, which is largely dependent on supplies from Russia and the Caucasus region.
Greece’s Environment and Energy Minister Kostis Hadzidakis, Cyprus' Energy Minister Yiorgos Lakkotrypis and their Israeli counterpart Yuval Steiniz signed the intergovernmental agreement for the construction of the EastMed natural gas pipeline in January, however it still required final approval in Israel.
“The government approval of the framework agreement for laying the Israel-Europe natural gas pipeline is another historic milestone for making Israel an energy exporter,” said Energy Minister Yuval Steinitz.
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 countries aim to reach a final investment decision by 2022 and have the €6 billion pipeline completed by 2025 to help Europe diversify its energy resources.
The countries aim to have the €6 billion pipeline completed by 2025 to help Europe diversify its energy resources.