East Med Gas Pipeline could be Up and Running by 2025

SEATTLE (Oil Monster): The East Mediterranean Gas Pipeline- the world’s longest underwater natural gas pipeline may soon become a reality.

Four countries- Italy, Greece, Cyprus and Israel have signed a memorandum of understanding (MoU) to support the construction of the pipeline to Europe. The official signing ceremony was held in Nicosia, which was attended by Energy Ministers of Israel, Cyprus and Greece and the Italian Ambassador to Cyprus. Also present in the ceremony was Christopher Jones- the European Commission’s Deputy Director-General for Energy. An intergovernmental agreement on the project will be signed by all the four countries latest by 2018. As per the MoU, these four countries will work together during all phases of the project implementation.

The press release by Israel’s Energy and Water Ministry stated that the East Med project could be up and running by 2015. The first stage of the project would be completed at a cost of nearly 3.75 billion euros by the end of 2019.

Israel's Energy and Water Minister Yuval Steinitz stated that the project would turn Israel into a major player in the European energy market. Cypriot energy minister Yiorgos Lakkotrypis termed the project as an important pillar of EU energy supply. The Greek minister, Giorgos Stathakis also said that the East Med pipeline would be strategically important for Europe.

The project involves installation of 1,900 kilometers long pipeline to transport gas from Israel’s Levantine basin and Cyprus’ Aphrodite field to southeast European countries. The pipeline, having a capacity of 12-16 billion cubic meter per year will be built at a cost of around 6 billion euros (approximately $7 billion dollars). It will have exit points in Cyprus, Crete and Greece and will be connected with the Poseidon pipeline.