Insider Business Cabinet approves EastMed pipeline agreement

Cabinet approves EastMed pipeline agreement

Cabinet on Thursday approved the ratifying law for the intergovernmental agreement of the EastMed pipeline, a gas pipeline project connecting the gas reserves of Eastern Mediterranean.

Speaking after the meeting, Energy Minister Yiorgos Lakkotrypis said that the agreement will be submitted to the House of Representatives for ratification.

The intergovernmental agreement was signed on January 2, 2020, in Athens between Greece, Cyprus and Israel, with Lakkotrypis pointing to provisions in the agreement, that allow Italy to sign when it is ready.

According to the Minister, the agreement is a necessary tool that regulates various issues among the countries concerned, such as maritime jurisdictions, environmental and security issues. It also establishes a joint working group to monitor and carrying out the necessary work concerning the project, he added.

The Minister of Energy said moreover that the consortium also proceeds with the necessary technical studies for the pipeline, that are also funded by the European Commission with 35 million euros.

Four studies are about to be awarded, the Minister went on, noting that one concerns maritime surveys and the other three are Front-End Engineering Design (FEED) studies.

“These studies cost tens of millions of euros, expressing the conviction on the part of the consortium that this project has the potential to be realized” said Lakkotrypis.

Asked if the pandemic affected the prospects for cooperation prospects among the countries concerned, the Minister said that a consortium planning for a project of this scale does not only take into consideration today’s circumstances, but those in four or five years from now.

In the case of the EastMed pipeline, the necessary studies are being carried out and the consortium will soon proceed with efforts to find potential buyers for the region’s natural gas, he added.

At the very end, this is the most important factor that will define whether the project is feasible or not, the Minister said.

Asked if there are indications about a change in Italy’s stance, Lakkotrypis expressed his conviction that the issue will be reexamined soon.

(CNA)

Top Stories

318 new cases through PCR tests announced on Tuesday

The Health Ministry announced 318 new Coronavirus cases out of 3,233 PCR tests on Tuesday 1 December and another 153 out of 7,729 rapid...

Eight confirmed COVID-19 cases at Athalassa Psychiatric Hospital

Eight confirmed COVID-19 cases have been found at the Athalassa Psychiatric Hospital, five of which are residents and three staff. This became known when a...

Citizens’ Teleservice Center on COVID-19

The Deputy Ministry of Digital Policy announced the operation of the Citizens’ Teleservice Center on issues regarding COVID-19. According to the relevant announcement, the center...

Queen awards Sistema Cyprus volunteers

Her Majesty the Queen joined a video call this week with three winners of the Commonwealth Points of Light award, to celebrate their achievements...

Cypriot elected President of the European Association of Data Protection Professionals

Cypriot lawyer Maria Raphael has been elected as President of the European Association of Data Protection Professionals (EADPP), in the framework of the EADPP genaral assembly that took place...

Taste

Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...

Mezedes

No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...