Cyprus, Greece and Israel agreed on the construction of the EastMed pipeline which will transfer natural gas between the three countries.
The agreement was reached on Thursday during a trilateral summit in Beer Sheva, Israel. The agreement is subject to the approval of the European Commission
According to philenews, the three countries are expected to sign the agreement in the first quarter of 2019.
— Nicos Anastasiades (@AnastasiadesCY) December 20, 2018
President Nicos Anastasiades flew to Israel last night for the summit with Israel’s Prime Minister Benjamin Netanyahu and Greek Premier Alexis Tsipras.
The United States is represented in the Summit by their Ambassador in Israel, David Friedman, who served as adviser to Donald Trump during his presidential campaign. US interest focuses on security of energy infrastructure and cybersecurity.
The major project,with an estimated cost of more than €6.2b, will supply gas from the eastern Mediterranean to Europe, as the continent seeks to diversify its energy supply.
According to Hadashot TV, the European Union agreed to invest $100 million in a feasibility study for the project before the agreement was reached over the laying of the longest and deepest underwater gas pipeline in the world. As part of the agreement, Israel and Cyprus will be granted preference over other countries in exporting gas to the European market, according to the report.
The EastMed Pipeline Project is to start about 170 km off Cyprus’ southern coast and stretch for 2,200 km to reach Otranto, Italy, via Crete and the Greek mainland, it said.