Tuesday, December 5, 2023
 
 

Steinitz confident Israel and Cyprus can supply EastMed pipeline

NEW EUROPE/KOSTIS GEROPOULOS
Israel’s Energy Minister Yuval Steinitz talks to New Europe after the signing of the EastMed intergovernmental agreement in Athens, Greece, 3 January 2020.

- Advertisement -

ATHENS – Israel and Cyprus have enough gas to fill the proposed EastMed natural gas pipeline from the East Mediterranean to Europe, Israel’s Energy Minister Yuval Steinitz told New Europe in an interview in Athens on 3 January.
A few moments earlier, Steinitz signed with his Greek and Cypriot counterparts — Kostis Hatzidakis and Yiorgos Lakkotrypis — an intergovernmental agreement for the 1,900-kilometre EastMed pipeline at a ceremony in Athens. Israeli Prime Minister Benjamin Netanyahu, Greek Prime Minister Kyriakos Mitsotakis and Cypriot President Nicos Anastasiades also attended the ceremony at the Zappeion Hall in Athens.
“We have enough gas in Israel and Cyprus to justify even two pipelines so certainly we have enough gas for one pipeline,” Steinitz told New Europe.
He added that Israel also intends to export some gas to Egypt through the Egyptian liquified natural gas (LNG) terminals. “Energy cooperation between Egypt and Israel is also advancing and flourishing and there are already deals to export Israeli gas to Egypt and also to Jordan for 30 billion dollars and this is just the beginning. Some of this gas will be liquified and sent from Egypt to Europe,” he said.
Earlier on 3 January, the Public Gas Corporation of Greece (DEPA) and oil and gas exploration and production company Energean Oil & Gas agreed to cooperate to further support the EastMed Pipeline Project, signing a letter of intent for the potential sale and purchase of 2 billion cubic metres natural gas per year from Energean’s gas fields offshore Israel, where Energean is investing $1.7 billion for the development of the Karish & Tanin fields through the FPSO Energean Power.
Asked if he was concerned about a controversial seaborder demarcation deal between Turkey and Libya and Ankara’s objections to the EastMed project, the Israeli Energy Minister said, “No, there shouldn’t be any problems because we are speaking about international waters. Economic zones are still international waters and in international waters there is free access, free movement for everybody, therefore there is no problem according to international law.” Last month, Turkey and Libya signed an agreement that demarcated new maritime boundaries between the two countries, which was denounced by Greece, Cyprus and Egypt.
Steinitz also said he expects the Italian government to sign the EastMed intergovernmental agreement soon. “Italy already signed on the previous agreements and I expect Italy to sign the next three or four months – even before,” he said.
He stressed that the EastMed would strengthen Europe’s energy security given that diversification of sources and supply routes is a key goal of the European Union. “The basic idea was that since Europe got some of its gas from the Northern Sea, from the fields that belong to Norway, Holland and UK, and many of these gas fields are now depleting, Europe needs some replacement for the Northern Sea. And the idea was that the Eastern Mediterranean will become the replacement of Northern Sea if we will be able to construct a pipeline across the Mediterranean from Israel and Cyprus directly to Europe – to Greece and Italy,” Steinitz said.
“The European Union took it very seriously, the former Energy Commissioner (Miguel Arias) Cañete decided to examine and in 2017 after the initial examination showed that the project is technologically and economically feasible we signed the initial agreement between Israel, Greece, Cyprus and Italy and now we sign the final agreement that will pave the way for the construction of this East Mediterranean pipeline,” the Israeli Energy Minister said and quipped: “This is going to be the longest and deepest underwater pipeline in the world.”
 
 

- Advertisement -

Subscribe to our newsletter

Co-founder / Director of Energy & Climate Policy and Security at NE Global Media

Latest

Playing politics with EU veto power – a very old game

In late November, German Chancellor Olaf Scholz, standing alongside...

Africa will watch the DRC’s elections with bated interest

2023 and 2024 are going to be busy years...

Ukraine, Middle East will dominate Cameron’s UK foreign policy agenda

David Cameron, who was made Foreign Secretary in a...

Don't miss

Playing politics with EU veto power – a very old game

In late November, German Chancellor Olaf Scholz, standing alongside...

Africa will watch the DRC’s elections with bated interest

2023 and 2024 are going to be busy years...

Ukraine, Middle East will dominate Cameron’s UK foreign policy agenda

David Cameron, who was made Foreign Secretary in a...

What will it take to prevent a Gaza reconstruction fiasco?

Let us be unequivocal about the current war between...

Playing politics with EU veto power – a very old game

In late November, German Chancellor Olaf Scholz, standing alongside visiting Greek Prime Minister Kyriakos Mitsotakis, told the media that he was against the “bilateralization”...

Cameron’s return as Foreign Secretary raises UK’s international profile

David Cameron, who was made foreign secretary in a surprise move by Prime Minister Rishi Sunak during his cabinet reshuffle on November 13, brings...

Russia’s powerful economic levers over Armenia

Armenia's relations with its strategic partner Russia are getting worse and worse and its leaders seem to desire a shift in geopolitical orientation towards the West....

Economy Minister says Kazakhstan to expand investment and diversify trade with Europe

Kazakhstan’s Minister of National Economy, Alibek Kuantyrov, spoke to NE Global in an exclusive interview about his country's relations with Europe, Astana's economic partners,...

The EU Green Deal is a barrier to trade and global partnerships

There is an English saying that if you can’t see the wood for the trees, then you should step back and then you will...

IEA warns transitions bring new risks to energy security

Clean technology and critical mineral supply chains are highly geographically concentrated, the International Energy Agency warned in its World Energy Outlook for 2023 and...

Turkey’s role in the EU’s energy transition

The European Union is facing a unique opportunity in a world increasingly defined by geopolitical tensions, economic turbulences and the urgency of addressing climate...

After offshore gas pipe suspected sabotage, Finland switches to LNG

Finland has switched to liquified natural gas supplies to cover the country’s needs following a decision on October 8 to shut down the Balticconnector...