Israel, Greece, Cyprus set to sign EastMed pipeline agreement

Saar 6 corvette near drilling platform photo: IDF spokesperson

The EU and US support the 1,900 kilometer pipeline to Italy but Turkey says it will pass through economic waters that it recently claimed.

Israel's prime minister Benjamin Netanyahu, Greek prime minister Kyriakos Mitsotakis and Cyprus president Nicos Anastasiades will sign an agreement in Athens this evening for the construction of the Eastern Mediterranean (EastMed) natural gas pipeline. Italian Prime Minister Giuseppe Conte will sign the agreement in the future.

The 1,900 kilometer pipeline will connect Israel and Cyprus offshore gas fields in the eastern Mediterranean with European markets through Greece and Italy. "Bloomberg" reports that the project is being developed by IGI Poseidon SA, a joint venture of Greece’s state-owned supplier Depa SA and Edison SpA.

In addition to doubts about the financial feasibility of the project, which has the backing of the EU and US, the agreement angers Turkey, which recently annexed additional economic waters, and claims the pipeline would infringe on its maritime borders.

Published by Globes, Israel business news - en.globes.co.il - on January 2, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020

Saar 6 corvette near drilling platform photo: IDF spokesperson
Saar 6 corvette near drilling platform photo: IDF spokesperson
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