Abroad   Natural Gas

12/6/2017

A Memorandum of Understanding Is Signed for Carrying the East Mediterranean Natural Gas to Europe through Italy

A Memorandum of Understanding was signed by Greece, Italy, Israel and Cyprus for conducting technical works to carry the East Mediterranean natural gas to Europe. It is reported that technical works for "EastMed" natural gas pipeline project would continue, and an Intergovernmental Agreement is expected to be signed in 2018

It is reported that a memorandum of understanding was signed between Greece, Italy, Israel and Cyprus for a common pipeline project for carrying the East Mediterranean natural gas to Europe.

According to the statement made by the Ministry of Energy of Greece, Greek Minister of Energy Yorgos Stathakis, Israeli Minister of Energy Yuval Steinitz, his Cypriot counterpart Yorgos Lakkotripis and the Ambassador of Italy to Nicosia Andrea Cavallari signed the East Mediterranean (EastMed) natural gas pipeline project memorandum of understanding in a meeting in Nicosia.

It is stated in a joint declaration about "EastMed" that technical works for natural gas pipeline project would continue, and an Intergovernmental Agreement was expected to be signed in 2018. The cost of the natural gas pipeline that is planned to be 2,200 km long and to complete in 2025 is expected to reach €6 billion. 

As can be remembered, the Israeli Minister of Energy, Infrastructure and Water Resources Yuval Steinitz stated that there were two different pipeline projects for carrying the East Mediterranean natural gas to Europe through Turkey and Italy, and that the gas resource would be sufficient for both pipelines. Steinitz had said: "We believe that the resources in the North Sea will be replaced by East Mediterranean in near future. Europe will buy natural gas from East Mediterranean Sea, which will turn this area into a reliable source. Intensive negotiations are in progress for two important pipeline projects. One of them is in Turkey. We would like to install a pipeline that extends from Israel to Turkey for both domestic consumption of Turkey and transmission of natural gas to Europe. The other one is the pipeline that extends to Italy through Cyprus and Greece. Italian government has stated that they consider the project as top priority. If you ask about our priority, I consider both projects very important   TEBA:July 13, 2017.