The Israeli government on Sunday ratified a deal on the Eastern Mediterranean (East-Med) gas pipeline project signed with Greece and Greek Cypriot administration.
“IT IS ANOTHER HISTORIC MILESTONE FOR MAKING ISRAEL AN ENERGY EXPORTER”
In a statement, its Ministry of Energy announced that the Jan. 2 trilateral agreement to deliver Eastern Mediterranean gas to Europe had been approved.
The countries aim to reach a final investment decision by 2022 and have the 6 billion euro ($6.86 billion) pipeline completed by 2025 to help Europe diversify its energy resources.
A land and sea survey is currently underway to determine the route of the 1,900-km (1,200-mile) pipeline.
“The government approval of the framework agreement for laying the Israel-Europe natural gas pipeline is another historic milestone for making Israel an energy exporter,” said Energy Minister Yuval Steinitz.