Greece, Israel and Cyprus to Sign Pipeline Agreement

World | January 2, 2020, Thursday // 14:03|  views

EastMed Intergovernmental Agreement to be signed in Athens today between Greece's Energy Ministers Kostis Hatzidakis, Israel's Yuval Steinitz and Cyprus's George Lakkotrypis, in the presence of Greek Prime Minister Kyriakos Mitsotakis, Israeli Prime Minister Benjamin Netanyahu and Cyprus President Nicos Anastasiades. The procedure for concluding the agreement will be completed, when it is signed by Italy, but has not yet been set.

Greek Foreign Minister Nikos Dendias commented earlier that the Italian side would not sign the agreement immediately due to some environmental problems in the south

"Very soon", however, the country will also accede to the agreement. A representative of Italy may also be present at the ceremony in Athens, foreign agencies reported.

The EastMed project has been under development for a while, and the signing of the agreement is being accelerated at the suggestion of Netanyahu amid sharpening disagreements with Turkey on the maritime demarcation

areas, in particular in the exclusive economic zones of Greece and Cyprus.

The Mediterranean gas pipeline, or EastMed, is designed to supply gas from the Eastern Mediterranean to continental Europe. The goal of the pipeline is to "increase security of gas supply to Europe through diversification of routes "," development of local resources "and also the development of the idea of a South Mediterranean gas hub".

EastMed connects Greece, Cyprus and Israel with southern Europe. The gas pipeline is 1.9 thousand kilometers long and construction investments are estimated at 6 billion euros. The design capacity is about 10 billion cubic meters of gas annually. In addition, 1 billion cubic meters will be provided for Cyprus' domestic consumption.

The underwater part of the pipeline is 1300 kilometers long.

The project is supported by the European Union, which allocated € 34.5 million for research. According to the pipeline designers, it will be able to start working in 2024-2025.

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Tags: greece, Israel, Cyprus, pipeline agreement, EastMed


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