Reports related to this article:
Project(s): View 5 related projects in PECWeb
Released January 08, 2020 | GALWAY, IRELAND
en
Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland)--The leaders of Greece, Cyprus and Israel have agreed to move forward with the 1,900-kilometre East Mediterranean (EastMed) gas pipeline that will transport Israeli gas to Europe.
The pipeline will initially transport 10 billion cubic metres (Bcm) of gas per year from the offshore gas reserves in the Levantine Basin (Cyprus and Israel) into Greece and then onto Italy and other Southeast European countries via the Poseidon and IGB pipelines. The project, which has been talked about since 2013, has had some financial support from the European Commission (EC) for pre-FEED and FEED studies and is seen a key project in helping Europe reduce its reliance on gas from Russia. The signing was attended by Greek Prime Minister Kyriakos Mitsotakis, Israeli Prime Minister Benjamin Netanyahu and Cypriot President Nicos Anastasiades. The project will cost an estimated $7 billion and Industrial Info is tracking all of the major projects. A final investment decision is due in 2022 with commissioning planned for 2025.
The EastMed project's current design will see the laying of 1,300 km of offshore pipeline and 600 km of onshore pipeline. The pipeline will begin at new natural gas discoveries in the East Mediterranean region and comprise the following sections:
Turkey, which is not part of the alliance, has denounced the deal as it continues to claim rights to gas reserves in Greek and Cyprus waters. In July last year, the European Union (EU) said it may cut aid funds to Turkey and suspend high-level contact with officials if the country does not end illegal gas drilling activities off the coast of Cyprus in the Mediterranean Sea. For additional information, see July 24, 2019, article - Europe Mulls Sanctions Over Illegal Turkish Drilling Off Cyprus.
Following the signing, the Turkish Foreign Ministry released a statement calling the deal "a new example of futile steps in the region that try to exclude our country and the Turkish Republic of Northern Cyprus (TRNC). Any project which aims to ignore Turkey with the longest coastline in the eastern Mediterranean and aims to ignore Turkish Cypriots who have equal rights over the natural sources of the Cyprus island will not be successful."
Greek Prime Minister Kyriakos Mitsotakis said the EastMed pipeline was not a threat to anyone and added: "Today, we did not just sign an advantageous agreement, but also cemented our decision for strategic engagement in a region that's in need of cooperation. EastMed is not a threat to anyone. It is a pipeline for peace and cooperation between the peoples of the region."
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Our European headquarters are located in Galway, Ireland. Follow IIR Europe on: Facebook - Twitter - LinkedIn For more information on our European coverage send inquiries to info@industrialinfo.eu or visit us online at Industrial Info Europe.
The pipeline will initially transport 10 billion cubic metres (Bcm) of gas per year from the offshore gas reserves in the Levantine Basin (Cyprus and Israel) into Greece and then onto Italy and other Southeast European countries via the Poseidon and IGB pipelines. The project, which has been talked about since 2013, has had some financial support from the European Commission (EC) for pre-FEED and FEED studies and is seen a key project in helping Europe reduce its reliance on gas from Russia. The signing was attended by Greek Prime Minister Kyriakos Mitsotakis, Israeli Prime Minister Benjamin Netanyahu and Cypriot President Nicos Anastasiades. The project will cost an estimated $7 billion and Industrial Info is tracking all of the major projects. A final investment decision is due in 2022 with commissioning planned for 2025.
The EastMed project's current design will see the laying of 1,300 km of offshore pipeline and 600 km of onshore pipeline. The pipeline will begin at new natural gas discoveries in the East Mediterranean region and comprise the following sections:
- 200-km offshore pipeline stretching from Eastern Mediterranean sources to Cyprus;
- 700-km offshore pipeline connecting Cyprus to Crete Island;
- 400-km offshore pipeline from Crete to mainland Greece (Peloponnese);
- 600-km onshore pipeline crossing Peloponnese and West Greece.
Turkey, which is not part of the alliance, has denounced the deal as it continues to claim rights to gas reserves in Greek and Cyprus waters. In July last year, the European Union (EU) said it may cut aid funds to Turkey and suspend high-level contact with officials if the country does not end illegal gas drilling activities off the coast of Cyprus in the Mediterranean Sea. For additional information, see July 24, 2019, article - Europe Mulls Sanctions Over Illegal Turkish Drilling Off Cyprus.
Following the signing, the Turkish Foreign Ministry released a statement calling the deal "a new example of futile steps in the region that try to exclude our country and the Turkish Republic of Northern Cyprus (TRNC). Any project which aims to ignore Turkey with the longest coastline in the eastern Mediterranean and aims to ignore Turkish Cypriots who have equal rights over the natural sources of the Cyprus island will not be successful."
Greek Prime Minister Kyriakos Mitsotakis said the EastMed pipeline was not a threat to anyone and added: "Today, we did not just sign an advantageous agreement, but also cemented our decision for strategic engagement in a region that's in need of cooperation. EastMed is not a threat to anyone. It is a pipeline for peace and cooperation between the peoples of the region."
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Our European headquarters are located in Galway, Ireland. Follow IIR Europe on: Facebook - Twitter - LinkedIn For more information on our European coverage send inquiries to info@industrialinfo.eu or visit us online at Industrial Info Europe.
