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  HOME | Oil, Mining & Energy (Click here for more)

Israel, Greece, Cyprus Agree on EastMed Pipeline at Summit

JERUSALEM – Israel, Greece and Cyprus reached an agreement on Thursday on the planned EastMed gas pipeline during the fifth summit between the three countries held in the southern Israeli city of Beersheba.

Israeli Prime Minister Benjamin Netanyahu, his Greek counterpart Alexis Tsipras and Cypriot President Nicos Anastasiades took an important step forward towards building what could become the deepest and longest gas pipeline in the world (which is set to measure some 2,000 kilometers, or 1,243 miles).

“Today, we reaffirmed our commitment to the East-Med pipeline, discussed important aspects of the project, and we’re going to sign formally, officially this agreement in a few months,” Netanyahu said during the summit.

The European Union backs building the pipeline as it would diversify its energy supply, which currently relies mainly on Russia.

Israel and Cyprus have both discovered within their territory significant gas reservoirs.

Experts consider that its extraction could change the energy and geopolitical map of the region.

 

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