Israel signs $6-7bn gas pipeline deal with Cyprus, Greece, Italy

The export of Israeli gas to Europe took a major step forward Monday with the formal signing in Tel Aviv between Israel, Cyprus, Greece and Italy of a deal to lay a natural gas pipeline across the Mediterranean planned to be the longest and deepest subsea pipeline in the world. This was announced by Israel’s energy minister Yuval Steinitz. The planned project will run to an estimated $6-7bn. Stretching from Israeli and Cypriot offshore gas fields to Greece and Italy, the pipeline will be about 2.200km long and reach depths below 3km in some places. The project should be up and running by 2025. Turkey disapproves of the project and its foreign minister Alfursan Bayraktar is due in Israel this week to voice his government’s complaint.

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