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Greece, Italy, Israel and Cyprus back natural gas pipeline to Europe - Report

Gasoil News - Published on Thu, 07 Dec 2017

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Reuters reported that Italy, Greece, Cyprus and Israel agreed to back the construction of a gas pipeline from newly discovered fields in the eastern Mediterranean to Europe. The project, known as East Med, involves a 2,000 km long pipeline to channel offshore reserves in the Levantine Basin in the far east corner of the Mediterranean to Greece and Italy, at a cost of up to EUR 6 billion.

The eastern Mediterranean has produced some of the world's biggest gas finds in the past decade, and much of it is still thought to be untapped at a time Europe is looking to diversify its gas resources for reasons of energy security.

Cypriot Energy Minister Mr Yiorgos Lakkotrypis said during a signing ceremony in the Cypriot capital Nicosia, that "Today we have concluded a very significant milestone, which is the signing of a memorandum of understanding which outlines the political commitment of the four countries to pursue this project."

Mr Lakkotrypis said that the pipeline was a "very important pillar" in the eastern Mediterranean natural gas corridor.

A joint statement said that the four countries also said they would cooperate to facilitate studies, permits, construction and operation of the project, with a view to signing an Intergovernmental Agreement on the project "within 2018."

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Posted By : Rabi Wangkhem on Thu, 07 Dec 2017
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