Cyprus, Israel and Greece have signed the deal for EastMed gas pipeline
Cyprus, Israel and Greece have signed an agreement on construction of a pipeline planned to supply Europe with Mediterranean gas.
This pipeline will be a new source of gas supply diversification for Europe.
It will transfer up to 12 bcm (billion cubic meters per year) for 2 000 km from offshore gas block between Israel and Cyprus to Greece. From Greece this gas will be transported to other EU south countries. According to the forecasts, this gas could satisfy up to 10% of the EU's natural gas demand.
The discovery of hydrocarbon reserves in the eastern Mediterranean has sparked a rush for the energy resources in the region.
On the other side, it is important to remember that the signing of the deal provides no guarantee that the construction of the pipeline will go ahead.