Italy, Israel, Greece and Cyprus signed deal over longest subsea natural-gas pipeline

On 3 April Italy, Israel, Greece, and Cyprus confirmed their commitment to the construction of the longest undersea gas pipeline, which aims to bring gas from Eastern Mediterranean to Southern Europe. The gas should flow from Israeli gas fields, the Leviathan and the Tamal, through Cyprian gas field to Greece and Italy.

The completion of the pipeline is scheduled for 2025 and Israel and Cyprus are considered reliable suppliers whose aim is to transform the Eastern Mediterranean into a regional energy hub. The new diversification route would reduce the dependence on Russian gas supplies and improve the security of supply in Southern Europe, which is generally underdeveloped when it comes to energy security. The EU should finance a part of the project, but even so the entire project remains technologically challenging. Due to the financial cost of the project, the price of the supplied gas will have to correspond to the initial investments, therefore it will be difficult to compete with an already established contractor, such as Russia.

About author: Michaela Ceklová

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