Final investment decision for the EastMed pipeline will be taken in 2019 - Finance and Markets

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Israel expects the final investment decision for the EastMed pipeline to be taken in 2019, revealed the Energy Minister Yuval Steinitz. This will show whether this gas pipeline will be built to connect the new gas fields in the eastern Mediterranean with Europe through Greece. The project includes Egypt, Israel, Cyprus and Greece.
“This summer there will be a detailed agreement between the four countries in the project and we hope to hang the final investment decision in early 2019”, said he.
In recent years, the Eastern Mediterranean has become very attractive after making some sufficient discoveries, including offshore fields Zohr, Aphrodite and Leviathan. The investors are continuing to explore the region in search of more natural gas or oil fields.
With the active lobbying of Greece, the European Commission has included the gas pipeline project from this region into its gas supply diversification plans.
The initial calculations indicate that this pipeline will cost about 7 billion EUR. It is estimated that with this price the facility is competitive and the four countries in the project do not give up their plans to build it.