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Gatestone Institute gatestoneinstitute.org 12 May, 2022 12:30 am

The Badly Needed EastMed Pipeline Awaits Approval

The Badly Needed EastMed Pipeline Awaits Approval
"Germany must be prepared that it could be the next country to which Gazprom cuts gas deliveries. Europe, therefore, needs a multitude of alternatives to the Russian energy supply." — German Chancellor Olaf Scholz, The New York Times, April 28, 2022. The

The significant rise in natural gas prices in Europe favors the economic viability of the pipeline, according to energy expert Michalis Mathioulakis, of the ELIAMEP think tank.What everyone can see, and this is very important, is the need for the EU to cease being dependent on specific markets and the alternative channels for natural gas to Europe and the closest is none other than the basin of the eastern Mediterranean.One alternative is the proposed EastMed pipeline, which would carry natural gas extracted from fields under the waters of Israel's and Cyprus's Exclusive Economic Zones, to Greece and from there to other European countries.One of those alternatives is the proposed 1,900-kilometer EastMed pipeline, which would carry natural gas extracted from offshore gas fields under the waters of Israel's and Cyprus's Exclusive Economic Zones, to Greece and from there to Italy and other European countries.

The pipeline was originally scheduled for completion by 2025, at an estimated cost of 6 billion euros, and is projected to have the initial capacity to transfer 10 billion cubic meters of natural gas a year."Financial and political support by the EU can facilitate the final investment decision-making process by the private entities that are considering their participation in the project," Michalis Mathioulakis, an energy expert at the ELIAMEP think tank, said recently, adding that the significant rise in natural gas prices in Europe favors the economic viability of the pipeline.

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