Special Report-Israeli Government Approves EastMed Pipeline Agreement

Israeli Government approved the EastMed pipeline agreement signed with Greece and Southern Cyprus on January, 2nd. The agreement aims to deliver Eastern Mediterranean natural gas to Europe through Southern Cyprus and Greece.

The tripartite agreement estimates the cost of the project to be between $6 and $7 billion with an annual capacity of 10 billion cubic meters. The pipeline will pass through Southern Cyprus, Crete, and mainland Greece before reaching its final destination in Italy.

The three governments aim to reach an investment decision by 2022, and complete the project by 2025.

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