Cyprus, Greece, Israel agree on Eastmed pipeline

Cyprus, Greece, and Israel on Thursday reached an agreement on the EastMed pipeline during the 5th tripartite summit between the three countries that is being held in Beer Sheva.

According to the Cyprus News Agency, the agreement on the pipeline, which will connect Israel, Cyprus, and Greece, needs the approval of the European Commission first.

The agreement also contains important references to the security of energy infrastructure.

As part of the deal, the three countries will set up a permanent secretariat in Nicosia whose job will be to coordinate the trilateral cooperation scheme.

The EastMed project is under development by IGI Poseidon SA, a company equally owned by Depa SA and Edison International Holding.

It has received €35m in funding from the European Commission as a Project of Common Interest (PCI). The pipeline is currently designed to initially carry 10 billion cubic meters (bcm) a year from the East Med to Greece, about 1,900km, where it will connect to the Poseidon pipeline to Italy, about 300km.

Some industry experts believe the four governments and the EU cannot fund the project, which would require investor participation, and buyers for its gas.

The Cyprus Mail is the only English-language daily newspaper published in Cyprus. It was established in 1945 and today, with its popular and widely-read website, the Cyprus Mail is among the most trusted news sites in Cyprus. The newspaper is not affiliated with any political parties and has always striven to maintain its independence. Over the past 70-plus years, the Cyprus Mail, with a small dedicated team, has covered momentous events in Cyprus’ modern history, chronicling the last gasps of British colonial rule, Cyprus’ truncated independence, the coup and Turkish invasion, and the decades of negotiations to stitch the divided island back together, plus a myriad of scandals, murders, and human interests stories that capture the island and its -people. Observers describe it as politically conservative.