Greece, Cyprus and Israel on Thursday are expected to sign a deal to build a 1,900 kilometre (1,180 mile) subsea pipeline to carry natural gas from the eastern Mediterranean’s rapidly developing gas industry to Europe.
European governments and Israel last year agreed to proceed with the so-called EastMed project, a $6 billion pipeline project that is expected to initially carry 10 billion cubic metres of gas per year from Israeli and Cypriot waters to the Greek island of Crete, on to the Greek mainland and into Europe’s gas network via Italy.
TURKISH-LIBYAN MARITIME PACT BECAME A GAME CHANGER
With a memorandum of understanding inked on Nov. 27, Turkish government and the UN-recognized government of Libya stand firm in protecting their sovereignty, diplomatic and economic rights in the Eastern Mediterranean.
The agreement is going to have a direct impact in the region, where tension has been high in recent years following the discovery of tremendous hydrocarbon reserves worth hundreds of billions of dollars and unilateral actions of some regional countries, violating rights of Turkey and Libya.
The Greek Cypriot administration unilaterally declared so-called exclusive economic zones (EEZ) and began to give licenses to international energy companies to search energy resources.