JV signs agreement with Israel on Eastern Med gas pipeline scheme
Greek-Italian gas joint venture IGI Poseidon said it had signed an agreement with the Israel Natural Gas Lines Company to cooperate on building facilities to connect Israel to a planned gas pipeline in the Eastern Mediterranean.
Greece, Cyprus and Israel last year signed a deal to build the Eastern Med gas pipeline, which has been in the planning for several years and seeks to transport gas from offshore Israel and Cyprus to Greece and on to Italy to help Europe diversify its energy resources. IGI Poseidon, a joint venture between Greece's state-owned gas utility DEPA and Italy's Edison, said the agreement with the Israeli company, which updates a 2019 memorandum of understanding, aims to connect the Eastern Med project to the Israeli transmission system and facilitate gas flows from the Eastern Mediterranean to Italy and Europe, via Cyprus.
The two parties will cooperate on planning and licensing the necessary facilities in Israel for the Eastern Med, IGI Poseidon said in a statement.
State-owned Israel Natural Gas Lines said the connection will allow gas to flow from all the Israeli gas fields.
Greece, Cyprus and Israel aim to reach a final investment decision on the Eastern Med by 2022 and have the 6 billion euro ($7.14 billion) pipeline completed by 2025. ($1 = 0.8406 euros) (Reporting by Angeliki Koutantou; Additional reporting by Ari Rabinovitch Editing by Susan Fenton)
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