EastMed Pipeline

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escveritas
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EastMed Pipeline

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Israel, Cyprus, and Greece push East Med gas pipeline to Europe

PM hails growing trilateral ties as leaders push ahead with project that could feed 20 billion cubic meters of natural gas to a growing European market.

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The leaders of Cyprus, Israel, and Greece on Tuesday agreed to push ahead with an envisioned pipeline that will supply east Mediterranean gas to Europe as the continent seeks to diversify its energy supply.

Prime Minister Benjamin Netanyahu called the East Med pipeline a “very serious endeavor” that’s important for Europe, which is looking for new sources of energy.

Netanyahu also hailed the growing ties between Israel, Cyprus, and Greece as building “an alliance for good” through joint trade, tourism, and health endeavors.

“We are building a great alliance, an alliance for good among our three democracies,” Netanyahu said. He called it “almost inconceivable that our countries did not have this warm, intimate, and direct contact” in past years.

After the meeting Tuesday, Cyprus President Nicos Anastasiades said the three countries aimed to sign an agreement within this year to nudge the pipeline project forward.

Greece’s Prime Minister Alexis Tsipras called the project “emblematic” of the cooperation between the three countries.

The proposed EastMed Pipeline Project would start about 170 kilometers (105 miles) off Cyprus’s southern coast and stretch for 2,200 kilometers (1,350 miles) to reach Otranto, Italy, via Crete and the Greek mainland.

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The so-called EastMed Pipeline Project will have the capacity to carry up to 20 billion cubic meters (706 billion cubic feet) of gas yearly. Europe’s gas import needs are projected to increase by 100 billion cubic meters (3.5 billion cubic feet) annually by 2030.

In December, Energy Minister Yuval Steinitz said a study on the EastMed Pipeline Project showed that the link is feasible, even though it presents technical challenges due to the depths involved. He told The Associated Press the estimated 6.2 billion euro ($7.36 billion) pipeline could take 6-7 years to build and that the countries involved “are serious about it.”

The leaders on Tuesday also reaffirmed their backing for planned undersea electricity and fiber optic cables that will link the three countries.

Work on the EuroAsia Interconnector project — a 1,520-kilometer (945-mile) undersea electric cable with a 2,000-megawatt capacity– is expected to begin in 2018 pending approval from regulators.

Once frosty, Israel’s ties with Greece and Cyprus have markedly improved in recent years, coinciding with a spat between Israel and regional rival Turkey.

The three countries now hold frequent joint military and civil protection exercises, including a planned joint air force drill that will include Cyprus, Israel, Egypt, and other European countries as part of efforts to bolster stability in the eastern Mediterranean.
escveritas
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Re: EastMed Pipeline

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Israel inks mega gas pipeline deal with Greece, Cyprus

Netanyahu hails signing of EastMed agreement, which will see billions of cubic meters of gas pumped to Europe, as a ‘big day’ for country, says it’ll boost economy

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Israel, Greece and Cyprus on Thursday signed an agreement for a huge pipeline project to ship gas from the eastern Mediterranean to Europe despite Turkey’s hostility to the deal.

The move comes amid tensions with Turkey over its activities in the area and a maritime deal with Libya expanding Ankara’s claims over a large gas-rich area of the sea.

The 2,000-kilometer (1,200-mile) EastMed pipeline will be able to carry between nine and 12 billion cubic meters of gas a year from offshore reserves held by Israel and Cyprus to Greece, and then on to Italy and other southeastern European countries.

The discovery of hydrocarbon reserves in the eastern Mediterranean has sparked a scramble for the energy riches and a row between Cyprus and Turkey, which occupies the northern part of the Mediterranean island.

Prime Minister Benjamin Netanyahu, his Greek counterpart Kyriakos Mitsotakis and Cypriot President Nicos Anastasiades joined the ceremony at which their respective energy ministers signed the deal in Athens.

“This a big day for Israel, which is becoming an energy power. We signed supply agreements with many neighbors, this strengthens the [Israeli] economy,” Netanyahu was quoted as saying after the signing by the Kan public broadcaster.

The EastMed project is expected to make the three countries key links in Europe’s energy supply chain.

It could also help counter Turkey’s effort to extend its control to the eastern Mediterranean.

Turkey already faces European Union sanctions over ships searching for oil and gas off Cyprus, whose government in Nicosia is not recognized by Ankara.

Boundary row

Turkish President Recep Tayyip Erdogan said in November he envisaged joint energy exploration activities with Libya in the eastern Mediterranean.

His government insists the Turkish Republic of Northern Cyprus — recognized only by Ankara — has the right to explore around the entire island.

Turkish Vice President Fuat Oktay said Turkey’s pact with Libya had allowed Ankara to foil a plot to confine the country to land.

“No matter who is involved, no plan in the region that excludes Turkey has any chance of success,” Oktay told the Anadolu state news agency.

Greece responded angrily to the Turkey-Libya deal, expelling the Libyan ambassador and urging the UN to condemn it.

Part of the agreement sets a maritime boundary between the two countries, which Greece says fails to take into account the Greek island of Crete.

‘Peace and cooperation’
The EastMed alliance “is of enormous importance to the state of Israel’s energy future and its development into an energy power and also from the point of view of stability in the region,” Netanyahu said in a statement issued as he left Israel for Greece Thursday.

Mitsotakis said the pipeline was of “geostrategic importance” and would contribute to regional peace.

Earlier, Greek Energy Minister Kostis Hatzidakis called it “a project of peace and cooperation” despite “Turkish threats.”

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Anastasiades said his aim was “cooperation and not rivalry in the Middle East.”

Avinoam Idan, a former Israeli government security official who is now a geostrategy expert at Haifa University, said of the deal: “It’s important for Israel, it’s important for the transit countries, Greece and Cyprus, and of course Europe.”

As the new source of energy would not compete with Russian supplies to the EU, “there is no reason to see it as a big change in the geopolitical dynamic in Europe’s energy market,” he told AFP.

The Greek economic daily Kathimerini said Wednesday that Athens and Nicosia had been in a hurry to finalize EastMed so as “to counter any attempt by the Turkish neighbor to stop the project.”

The cost of the installation from the eastern Mediterranean to Italy is estimated at 6 billion euros ($6.7 billion).
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