In order to promote the construction of the world’s longest subsea natural-gas pipeline (which will be ready in 2025), the energy ministers from Greece, Cyprus, Italy and Israel signed an agreement in Tel Aviv. They want to transform the Eastern Mediterranean into a regional energy hub.
The main goal is to ensure supply security, not only the uniqueness of the pipeline. The project is quite expensive and complicated but Countries look at this as an attractive investment.
Cyprus will be the gas producer, Greece will have a central role in the diversification process and Italy will work to phase out coal and build up a secure natural gas supply.
The potential pipeline is considered an EU Project of Common Interest, so the European Commission co-finances it.
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