Israel, Cyprus, Greece and Italy agree $7 billion deal for underwater gas pipeline to Europe

By November 28 2018, 11:27 Latest News No Comments

Gas pipeline 2An agreement has been reached between Israel, Greece, Italy, and Cyprus to place a pipeline connecting Israel’s gas reserves to the three countries.

This major project is costing approximately over $7 billion (£5.4 billion),  and will supplying gas from the eastern Mediterranean to Europe as the continent seeks to diversify its energy supply.

The pipeline will start roughly 105 miles off Cyprus’s southern coast and stretch for 1,350 miles to reach Otranto, Italy, via Crete and the Greek mainland.

The European Union has vowed to invest $100 million  in training for the project prior to the contract being agreed over the creating one of the lengthiest and deepest underwater gas pipelines in the world.

The pipeline will be able to transport up to 20 billion cubic metres of gas annually which will mean Europe’s gas import will increase by 100 billion cubic metres annually by 2030.

Israeli news channel, Hadashot TV reported that work on the project is anticipated to start in a few months, and will be finished within five years.

In May, Prime Minister Benjamin Netanyahu welcomed the strengthening relationship between the Israel, Greece, and Cyprus as constructing “an alliance for good” through joint trade, tourism, and health matters.

Greece’s Prime Minister Alexis Tsipras has called the project “emblematic” of the cooperation between the three countries.

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