Israel, Greece, Italy, Cyprus & EU to sign gas pipeline deal Tuesday

Gas pipeline will be world’s largest and to be completed by 2025; Israel, Cyprus, Greece, Italy and EU to sign MOU at energy summit in Nicosia Tuesday, Nov. 5, 2017.

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Israel and European nations will sign a memorandum of understanding on Tuesday for the construction of the longest underwater pipeline from Israel’s gas fields to Europe.

Yuval Steinitz, Israel’s Minister of National Infrastructures, Energy and Water Resources will travel to Nicosia, Cyprus on Tuesday to sign the agreement alongside Italy, Cyprus, Greece and the European Union.

In April of this year, Israel signed a joint declaration with Cyprus, Greece and Italy to move forward with construction of the undersea gas pipeline, known as “East-Med”. The pipeline is proposed to be over 2,000 kilometers long and bring gas from Israel’s gas fields to Cyprus, Greece and Italy. The pipeline is expected to be completed by 2025 and is estimated to cost $6 billion.

The creation of the gas pipeline will not only benefit Israel’s economic, diplomatic and trade relations with European states, but also spearhead Israel’s entrance into becoming the world’s largest natural gas exporter.

The gas pipeline will also relieve markets of dependency on Russia for energy, with growing concern and opposition from EU states on approval by the EU Commission to the Nord Stream 2 pipeline, a 1,200-kilometer pipeline to run from Russia under the Baltic Sea, parallel to the existing Nord Stream pipeline.

 

Photo: Gas field, CC, 2017