The Israeli government approved the construction of a pipeline intended to supply natural gas to Europe.
The Eastmed pipeline has been designated a Project of Common Interest by the European Union. The undersea East Mediterranean pipeline, with a recommended length of approximately 1,900 km and a calculated cost of €6 billion, will transport gas from offshore Israel and Cyprus to Greece and then on to Italy and other European countries.
Ten billion m3 of gas per year will be the pipeline’s initial capacity. However, according to the developer, IGI Poseidon, it has the potential to double that capacity in its second phase.
As a 50:50 joint venture, Public Gas Corporation of Greece (DEPA) and Edison International Holding will be responsible for the pipeline’s construction. During its construction, some elements of the pipeline will be laid on the seabed at depths of up to 3km.
“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 Israel’s energy Minister, Yuval Steinitz.
Besides the energy ministers of Cyprus and Greece, Steinitz is expected to sign the final agreement of pipeline construction to begin in January 2021.