Israel, Cyprus, Greece & Italy Agree On $7b. Gas Pipeline To Europe
Greece, Italy and Cyprus have agreed with Jerusalem to build a pipeline that will allow Israel to export its offshore natural gas reserves to Europe, in a project that will cost an estimated $7 billion. Work on the effort is expected to begin in the next few months and conclude within five years. The longest and deepest underwater gas pipeline in the world will span a total of 2,200 kilometers (1,350 miles) and have the capacity to transport up to 20 billion cubic meters (706 billion cubic feet) of product yearly. “The export of gas to Europe will…to a certain extent be a counterweight to Arab power,” Israeli Energy Minister Yuval Steinitz said in reference to the deal. It comes as Europe is attempting to diversify its energy supply, and as Germany comes under increasing pressure for its proposed Nord Stream 2 pipeline with Russia, which many believe will make the continent dependent on Moscow.