Photo: Amir Cohen / Reuters
Israel has signed an agreement with Greece, Italy and Cyprus on the construction of the longest pipeline in the world, reports Times of Israel, citing Hadashot TV.
The construction of a pipeline that will transport gas from Mediterranean fields to Europe is estimated at 7 billion dollars. Previously, the European Union agreed to invest $ 100 million in a feasibility study of the project.
Under the agreement, Israel and Cyprus will receive a preferential right to export gas to the European market. The EastMed pipeline will begin about 170 km from the southern coast of Cyprus and stretches 2200 kilometers from Italy via Crete and Greece.
To begin construction is planned in a few months, the work should take five years. The capacity of the new pipeline will be 20 billion cubic meters of gas per year.
Minister of energy of Israel Yuval Steinitz said that the new project will help to reduce the influence of the Arab countries. “For decades we complained about the Arab influence in Europe because of oil and gas. Gas exports to Europe will soften this impact and will be a counterweight,” said he.
Earlier, U.S. energy Secretary Ernest Moniz said that Israeli gas could reduce the dependence of the European market from Russia. Israeli gas fields Tamar and Leviathan are located on the Mediterranean coast. Their inventory is sufficient to meet the needs of the domestic market and for export.
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