Cyprus, Israel, Greece push for gas pipeline to Europe

The leaders of Cyprus, Israel and Greece said on the 8th May that they are determined to push ahead with plans for a pipeline which would supply east Mediterranean gas to Europe as the continent seeks to diversify its supplies.

 

Israeli Prime Minister Benjamin Netanyahu called the East Med pipeline a “very serious endeavour” which is important for Europe, which is looking for new sources of energy.

 

Cyprus President Nicos Anastasiades said the three countries aim to sign an agreement this year to nudge the pipeline project forward.

 

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

 

“This project creates an unrivalled network of common interests and clear strategic benefit for our countries and beyond since its implementation will tangibly contribute to the security of the European Union’s energy supply,” Mr Anastasiades said.

 

The EU is looking favourably on the project, too, since the 28-member bloc has forked out €34.5 million (US$41 million) to fund a technical study, the Cypriot president said.

 

The pipeline is estimated to cost over €6 billion (US$7 billion) and would take six to seven years to build. Among the pipeline’s advantages, officials say, is that it would not have to cross many national borders and will be less vulnerable to sabotage.

 

The pipeline would potentially carry gas from recently discovered deposits in the eastern Mediterranean, including in waters of Cyprus and Israel.

 

The project was the centrepiece of the tripartite meeting between the leaders, their fourth since January 2016 when they agreed to hold such gatherings to strengthen ties.

 

“We are building a great alliance, an alliance of good among our three democracies,” Mr Netanyahu said. “You have to look only a few years back and it’s almost inconceivable that our countries did not have this warm, intimate and direct contact.”

 

Source: Penn Energy