Local
articles | 24 January 2017

EastMed pipeline financially viable, say experts

The Eastern Mediterranean Pipeline for natural gas (EastMed) with an estimated cost of $6 billion is both technically feasible and financially viable according to a report by company EDISON.

The company presented its report recently in Brussels to the EU Energy Directorate, and the General Managers of the Ministries of Energy of Cyprus, Greece, Israel and Italy.

Press sources revealed that, after the presentation of the EDISON report, there was a discussion among the representations of the four countries with the EU Commission, with the goal of preparing the ground for a meeting between the Ministers of Energy of the four countries and the EU’s Commissioner for Energy Miguel Arias Cañete, planned for May in Israel.

According to the presentation of company EDISON, the EastMed pipeline which would transfer Cyprus and Israel natural gas, would begin in Levantine deposits and make its way underwater to a Cyprus LNG terminal. From there it would make its way to Crete where there will also be a LNG terminal and from there make its way to Peloponnisos, where it would be make its way over land to the borders with Italy to connect with the IGI pipeline (Italy-Greece Interconnector).

The same sources said that according to the data presented in the EDISON report, it appears that the pipeline is both technically feasible and commercially viable, however the Cypriot side wants to study the report further to confirm its findings.

Source: InCyprus

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