Greece, Cyprus and Israel have agreed to an ambitious, $6 billion natural gas pipeline stretching from the eastern Mediterranean to Europe, further cementing Greece’s position as a regional energy hub at the cross- roads of Europe, Asia and Africa.
The 1,800-kilometer East Med Pipeline is expected to carry natural gas from fields off Israel via Cyprus to Greece and onwards to Europe. The agreement, signed by energy ministers of the three countries on Jan. 2 in Athens, and presided over the by the respective heads of government, marks a further step in the ever deepening, 10 year-old alliance among the three countries.
Since 2010, vast natural gas reserves have been discovered in the eastern Mediterranean – primarily in the seabed off Israel and Egypt, but also in Cypriot waters – which could potentially supply the European market for decades.
Those reserves have drawn interest from oil and gas companies around the world, including Greece’s Energean, which is investing $1.7 billion to develop two offshore Israeli fields.
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