Israel Will Build an Undersea Gas Pipeline

Israel recently approved the construction of a $6.9 billion undersea pipeline. The project will transport natural gas to Europe. The pipeline project was approved by the Israeli cabinet.

Once completed, the project would transport gas from offshore fields in Israel and Cyprus to Greece and then to Italy. Most of the 1,900km-long pipeline will be buried under the sea and part on land. The final investment decision is expected to be made in 2022 and put into operation in 2025.

Initially, the pipeline will carry about 10 billion cubic meters of gas a year before doubling its capacity. The project will help Israel increase its influence as an energy exporter.

IGIPoseidon, the sponsor of the Eastern Mediterranean pipeline, and the EU each invested €35m in the project. IGIPoseidon, based in Athens, Greece, is a joint venture between The Greek public Gas company (DEPA) and Edison.

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