A decision on the viability of the East Med pipeline will be taken when the leaders of Greece, Cyprus and Israel hold a summit meeting in Jerusalem in December, Israeli Minister of Infrastructure, Energy and Water Resources Yuval Steinitz said in statements to the Athens-Macedonian News Agency (ANA) on Thursday.
He said that Israel considers “the construction of this pipeline to be the strongest, long-term strategic choice,” given that the project also has the support of the European Union, which will be involved in financing the studies, since the pipeline fits in with the European energy security policy.
“Greece will become an important corridor, either toward the Balkans or toward Italy,” Steinitz pointed out, emphasizing the strategic value of the pipeline. He noted that Israel had already discovered gas fields containing 900 billion cubic meters (bcm) in its economic zone, while Cyprus’ Aphrodite field contained 150 bcm known deposits with significant prospects for more.
“In total, together with Egypt, the quantities can reach as high as 9,000-10,000 bcm. If this happens over the next few years, the Eastern Mediterranean will become an important supplier of Europe, since it will be able to replace the North Sea-Norway, Netherlands and British fields, which are declining,” he explained.
Asked whether a solution to the Cyprus issue was linked to the pipeline’s progress, Steinitz said a solution would be good for the region — and would possibly be achieved before peace in the Middle East — but “will not play a significant role in energy issues.”
The minister also listed a number of important benefits resulting from the “strategic dialogue developed between the three democracies of the Eastern Mediterranean” in recent years roughly 350,000 Israeli tourists visited Greece this year and another 150,000 visited Cyprus; there was enhanced cooperation in security and against terrorism, which Israel had great expertise in detecting; there was also close cooperation in scientific research and water management.
Source: ANA-MPA
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