Energy Ministers from Israel, Greece, Italy and Cyprus agreed to push ahead with the 2,100 kilometer pipeline linking Israel and Italy.
Ministers of Energy from Israel, Cyprus, Greece and Italy today signed in Cyprus a memorandum of understanding (MoU) for the laying of an underwater gas pipeline from Israel to Italy, Israel’s Ministry of National Infrastructures, Energy and Water Resources has announced. The ministry said, ‘This is a major step in promoting the laying of an underwater gas pipeline from Israel via Cyprus, Greece and Italy.”During the summit in Nicosia, the four minister put out a joint statement that this is a strategic infrastructure project representing the shared interests of the countries and the EU regarding natural gas.The planned pipeline will be 2,100 kilometers long, cost NIS 25 billion, and will be completed by 2025.Minister of National Infrastructures, Energy and Water Resources Yuval Steinitz who has worked intensively to promote the project, said after the signing ceremony, “The vision that I declared in Israel took shape at the meeting in Cyprus today. The Israel-Italy underwater gas pipeline will make Israel an important player in the European energy market.”
The planned pipeline will allow Israel to sign long term deals to export gas to Greece, Italy and other European markets. Steinitz said, “This project will strengthen the energy security of the EU and diversify Europe’s sources of supply of natural gas.”
