Israeli supplies, even if relatively small, could reduce the price Europe pays for natural gas and thereby reduce Russian profits and political leverage. Russia, too, might be opposed to a project that reduces its share of gas to the European market. Turkish President Recep Tayyip Erdoğan has even deployed a Turkish warship to prevent an Italian energy company from exploring off the coast of Cyprus. Geopolitically, Turkey, which has occupied northern Cyprus since 1974, opposes exploiting natural resources from the eastern Mediterranean without Ankara’s permission. The most challenging part is the section between Cyprus and Crete, an underwater earthquake zone where the seabed is more than 3,000 meters (two miles) deep. The underwater pipeline would be one of the longest, deepest, and most complex in the world. The project, which the Israeli government says could be fully operational within the next five years, faces formidable technical and geopolitical hurdles. “The export of gas to Europe will moderate this influence to a certain extent and be a counterweight to Arab power.” “For decades, we have complained about the Arab influence in Europe due to oil and gas,” he said. Israeli Energy Minister Yuval Steinitz said the pipeline could also reduce Arab leverage over Europe. Not only would it offer the Jewish state direct access to the lucrative European energy market, it also would give Israel-as a newfound strategic supplier of energy to Europe-an opportunity to reset European-Israeli relations, which for decades have been strained by anti-Israel animus. The pipeline would mark a milestone for Israel. It also would help Europe diversify its energy sources and reduce European dependence on Russia. The $7 billion project would carry up to 20 billion cubic meters (706 billion cubic feet) of natural gas each year from the Israeli offshore gas fields called Leviathan and Tamar to supply Europe’s growing demand. The so-called EastMed Pipeline, 2,200 kilometers (1,350 miles) in length, is envisioned to bring gas from under the sea between Israel and Cyprus to European markets via Greece and Italy. Israel has reached an agreement with Cyprus, Greece, and Italy to begin work on an underwater pipeline designed to transfer natural gas from the eastern Mediterranean Sea to Europe. The Israeli ministry said that the European Union has recognised the cable as a “Project of Common Interest” and was willing to partly fund it.Proposed Pipeline Would Bring Israeli Gas to Europe Steinitz said the cable “will allow us to receive electricity backing from the power grids of the European continent in times of emergency and more importantly will also support our ability to significantly increase reliance on solar power generation.” With a length of about 1,500 kilometres and a maximum depth of 2,700 metres, it will be the longest and deepest subsea electricity cable to have ever been constructed, it said. The cable will have a capacity of 1,000-2,000 megawatts (MW) and is expected to be completed by 2024, according to Israel’s energy ministry. The project, called the Euro-Asia interconnector, will provide a back-up power source in times of emergency, said Israeli Energy Minister Yuval Steinitz, who was in Nicosia to sign a memorandum of understanding with his counterparts.Ĭypriot Energy Minister Natasa Pilides said it marked “a decisive step towards ending the island’s energy isolation, and consequently, our dependence on heavy fuels.” Middle East Monitor – Cyprus, Greece, and Israel today signed an initial agreement to build the world’s longest and deepest underwater power cable that will traverse the Mediterranean seabed at a cost of about $900 million and link their electricity grids, Reuters reported.
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