Israel approved the EastMed pipeline deal

20:29 19/7/2020 - Πηγή: Armynow

The deal on the Eastern Mediterranean subsea gas pipeline (EastMed) has been ratified on Sunday (07/19/2020) by the Israeli government. This particular energy project has already been signed by Greece, Israel and Cyprus,

whereas Italy has signed the MoU for the EastMed.

In a statement, Israel’s Ministry of Energy announced that the Jan. 2 trilateral agreement to deliver Eastern Mediterranean gas to Europe had been approved.

Israel, Greece and Cyprus in January inked a deal for the construction of the EastMed project and strive to reach a final investment decision by 2022 and have the 6 billion euro ($6.86 billion) pipeline completed by 2025 to help Europe diversify its energy resources.

A land and sea survey is currently underway to determine the route of the 1,900-km (1,200-mile) pipeline. The European Union and the pipeline’s owner IGI Poseidon, a joint venture between Greek gas firm DEPA and Italian energy group Edison, have each invested 35 million euros in the planning.

“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.

The pipeline is planned to initially carry 10 billion cubic meters of gas a year with the possibility of eventually doubling the capacity.

It is planned to run from Israel through the island of Cyprus, the Greek island of Crete, onto the Greek mainland and into Europe’s gas network via Italy.

The three governments aim to reach a final investment decision by 2022 and have the pipeline completed by 2025 to help Europe diversify its energy resources.

Source:Dailysabah/Reuters

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