Cyprus' government has approved the bill on the construction of the Eastern Mediterranean pipeline, known as EastMed, to pump gas to Europe directly from reserves in Israel, Greek media reported on Thursday, citing Cypriot Energy Minister Giorgos Lakkotrypis
MOSCOW (Pakistan Point News / Sputnik - 28th May, 2020) Cyprus' government has approved the bill on the construction of the Eastern Mediterranean pipeline, known as EastMed, to pump gas to Europe directly from reserves in Israel, Greek media reported on Thursday, citing Cypriot Energy Minister Giorgos Lakkotrypis.
The agreement to build the pipeline was signed on January 2 by Greece, Israel, Cyprus, with Italy intending to join the project.
According to the Ekathimerini daily, Lakkotrypis announced the ratification by the Cypriot government in a statement after the cabinet meeting.
The minister was quoted in the report as saying that that the pipeline "has a chance to materialize."
Asked whether the coronavirus pandemic has hindered the project's implementation, Lakkotrypis reportedly replied that those involved in such big projects plan for years ahead.
The bill is now set to be ratified by the Cypriot parliament.
Greece's parliament already ratified it on May 14.
EastMed will be used to pump gas from the Israeli reserve of Levantine Basin and the Cypriot reserve of Aphrodite to continental Europe. With expected capacity of 10 billion cubic meters, the pipe will combine offshore and onshore segments with a total expected length of 1,200 miles and depth up to 1.8 miles. The estimated cost of construction is $6 billion.
