Countries sign deal for EastMed gas pipeline

Greece, Israel and Cyprus have signed an agreement to construct the world’s largest subsea gas pipeline.

Known as the Eastern Mediterranean, or EastMed, the pipeline will run approximately 1,900 km in depths of up to 3,000 m connecting the Leviathan and Aphrodite gas fields in the Eastern Mediterranean to Europe.

At an expected cost of €6 billion (US$6.6 billion), the pipeline will have a capacity of approximately 10 billion m3/a of gas and would account for around 10 per cent of Europe’s gas needs once it comes online at its expected date of 2025.

Energy ministers from the respective nations signed the pipeline deal in Athens, Greece earlier this month at a ceremony attended by Cypriot President Nicos Anastasiades, Greek Prime Minister Kyriakos Mitsotakis and Israeli Prime Minister Benjamin Netanyahu.

The pipeline will be developed by a 50-50 joint venture (JV) between the Public Gas Corporation of Greece (known as DEPA) and Italian gas utility Edison.

Italy is expected to be the primary buyer of gas transported through EastMed, but the pipeline is anticipated to provide gas to several European nations.

Once complete, EastMed will be longer than the world’s current longest undersea pipeline – the 1,224 km Nord Stream.

For more information visit the DEPA website.

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