On Sunday, the government of Israel green-lighted the Eastmend gas pipeline planned to supply Europe originating from the eastern Mediterranean.
The planned EUR6 billion (USD6.86 billion) Eastmed pipeline is set to transfer gas from offshore Israel and Cyprus to Greece then to Italy. It is planned to carry 10 bcmpa of gas with a possible capacity expansion to a double and completed by 2025.
Previously in January, January between Greek, Cypriot and Israeli ministers signed the deal to build the project, and it was awaiting Israel’s final approval. The final investment decision (FID) is targeted for 2022.
The EU and the pipeline’s owner IGI Poseidon each have invested EUR35 million (USD40 million) in the planning.
At the moment, a land and sea survey is in progress to determine the route for the 1,900 km (1,200 miles) pipeline.
