Israel intends to supply natural gas to Europe through a pipeline by 2025. It is planned to sign a corresponding agreement with Greece, Cyprus and Italy by the beginning of February, said the country's energy minister Steinitz.
One year after the completion of a feasibility study by the European Union with positive results, the four countries involved seemed to have come to an understanding. According to initial studies, the 2100 kilometre pipeline will cost around six billion euros and will be laid on the bottom of the Mediterranean Sea. The gas from the rich gas deposits off the Israeli coast is to be transported to Europe, where demand is rising steadily.
Isreali media outlets have reported that the United Arab Emirates has already invested about $100 million in this ambitious project. The investment would be made by a company based in Abu Dhabi for a pipeline project which is internationally known to be unique given its record length as well as the extreme depths it would be laid toward Europe, The agreement can be described as historic since tentions between multiple countries in the region are still high. UAE’s investment in the project could trigger protests in the muslim world, leading to new possible conflicts.
The European Union supports the project which is commonly known as the East Med Pipeline Project.