Long in the works, but coming at a geopolitically sensitive moment for the region given expanding Turkish maritime claims, the East Med gas pipeline deal was signed this week between the countries of Greece, Cyprus and Israel.
The three signed the deal on Thursday to build a 1,900 km subsea pipeline to transport supplies from the rapidly advancing gas fields of the eastern Mediterranean to Europe.
A massive undertaking to supply energy-hungry Europe, the East Med pipeline project was first proposed by Greek energy minister Yannis Maniatis in 2014, and has since been hailed as "The longest and deepest gas pipeline in the world".
The underground, sub-sea pipeline is proposed to connect Israel, via Cyprus, to Greece and Italy, in a massive construction project estimated to take five or six years to complete, and which once online is expected initially pump 10 billion cubic meters of gas per year.
Predictably, Turkey is actively opposing the project, given its own expanding oil and gas exploration claims which have now completely surrounded Cyprus and have even cut into Greece's Exclusive Economic Zone as well.
Although Turkey opposes the project, the countries aim to reach a final investment decision by 2022 and have the pipeline completed by 2025 to help Europe diversify its energy resources.
Last month a Turkish official said there was no need to build the EastMed pipeline because the trans-Anatolian pipeline already existed.
https://www.zerohedge.com/geopolitical/greece-israel-cyprus-sign-landmark-eastmed-gas-pipeline-deal-despite-turkeys-wrath
The three signed the deal on Thursday to build a 1,900 km subsea pipeline to transport supplies from the rapidly advancing gas fields of the eastern Mediterranean to Europe.
A massive undertaking to supply energy-hungry Europe, the East Med pipeline project was first proposed by Greek energy minister Yannis Maniatis in 2014, and has since been hailed as "The longest and deepest gas pipeline in the world".
The underground, sub-sea pipeline is proposed to connect Israel, via Cyprus, to Greece and Italy, in a massive construction project estimated to take five or six years to complete, and which once online is expected initially pump 10 billion cubic meters of gas per year.
Predictably, Turkey is actively opposing the project, given its own expanding oil and gas exploration claims which have now completely surrounded Cyprus and have even cut into Greece's Exclusive Economic Zone as well.
Although Turkey opposes the project, the countries aim to reach a final investment decision by 2022 and have the pipeline completed by 2025 to help Europe diversify its energy resources.
Last month a Turkish official said there was no need to build the EastMed pipeline because the trans-Anatolian pipeline already existed.
https://www.zerohedge.com/geopolitical/greece-israel-cyprus-sign-landmark-eastmed-gas-pipeline-deal-despite-turkeys-wrath
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