Cyprus, Greece, Israel Sign to Build EastMed Gas Pipeline

On January 2, Cypriot President Nikos Anastasiades, Greek Prime Minister Kyriakos Mitsotakis, and Israeli Prime Minister Benjamin Netanyahu signed the EastMed gas pipeline deal. The ceremony took place in Athens, Greece.

EastMed will be a 1,900-kilometer undersea pipeline that will carry gas from Cyprus to Europe (Greece). The project is expected to lessen the dependency of Europe on Russia.

The Israeli and the European governments decided to proceed with the project, which, in sum, is valued at up to $7 billion, just last year.

The three states plan to reach a final investment decision by 2022, aiming to have the pipeline constructed by 2025. The countries have additionally promised to shortly put the project out for bids.

Turkey and Russia are not very fond of the project – the two states are launching their own gas pipeline project titled TurkStream on January 8.

By Nini Dakhundaridze

Image source: Radio Liberty.