Cyprus, Greece, Israel and Italy agreed Monday to reinforce their cooperation, forming a quadri-lateral working group with the aim to monitor and support the development of the natural gas EastMed Pipeline Project and to identify terms of a necessary intergovernmental agreement to expedite project realisation.
During a Ministerial Summit in Tel Aviv in the presence of EU Commissioner for Climate Action and Energy Miguel Arias Canete, the energy ministers of the four countries signed a joint declaration acknowledging that the recent gas discoveries in the eastern Mediterranean, together with the potential for additional substantial discoveries, will likely transform the region to a significant gas exporter to global gas markets.
According to the declaration, proven offshore gas reserves in Israeli and Cyprus’ EEZs are already sufficient to underpin multiple complementary export projects by pipeline and LNG. Furthermore, the declaration notes that the EastMed Gas Pipeline Project – a European PCI project promoted by IGI Poseidon SA – allowing a direct connection between eastern Mediterranean resources and Europe, represents a viable and strategic option and will secure a direct long-term export route to European markets contributing to strengthening EU’s security of supply, while promoting competition among gas suppliers,
It also points out that the results of the pre-feed study, co-financed by the EU Commission, are positive, and the project resulted as technically feasible and economically viable.
The parties support the establishment of the eastern Mediterranean as another corridor for gas supplies to Europe.
“The Parties will support the East-Med Pipeline development activities and to this extent will support the IGI Poseidon application for the obtainment of EU funding under Connecting European Facility program”, the declaration pointed out.
The parties endorsed the working group report dated March 30, regarding the East Med pipeline, submitted to Commissioner Canete.
Speaking at the meeting, Energy Minister Yiorgos Lakkotrypis said that Cyprus, in its capacity as transit country and future gas producer, will continue to support possible gas export options, such as the pipeline EastMed and the direct line from Cyprus’ Exclusive Economic Zone to Egypt.
