Italy, Israel, Greece and Cyprus pledged on Monday to move ahead with the world’s longest undersea gas pipeline from the eastern Mediterranean to southern Europe, with support from the European Union.
If carried out as planned, the long-discussed 5.8 billion euro pipeline will take gas from Israel and Cyprus’s recently discovered offshore gas reserves to Europe, potentially reducing European dependence on Russian energy at a time of ongoing tensions.
In a joint news conference in Tel Aviv, energy ministers from the four nations and the EU’s Commissioner for Climate Action and Energy Miguel Arias Cañete pledged their commitment to the project.
Feasibility studies had been completed, they said, adding that they hope to develop a full plan for development by the end of the year.
They said construction of the pipeline would not begin for several years and it would likely go online in 2025.Friday, April 07, 2017