Minister Steinitz at the Energy Ministers Summit Held in Israel:
"The Israel-Europe Gas Pipeline Will Allow Israeli Gas to Reach Every Home in Europe. There Has Never Been Such an Ambitious Infrastructure Project in Israel"
Within 8 years and by the means of a 20B ILS investment, the longest underwater gas pipeline in the world will be laid, as agreed in the energy ministers' summit hosted by Minister Steinitz.
At the summit, the energy ministers of Israel, Cyprus, Greece, Italy and the EU energy commissioner signed a joint declaration to promote the world's longest underwater gas pipeline, between Israel and Europe.
The Italian Minister of Economic Development, Carlo Calenda; the Greek Minister of Energy, Giorgos Stathakis; the Cypriot Minister of Energy, Yiorgos Lakkotrypis; and the EU Climate and Energy commissioner, Miguel Arias Cañete attended the summit.
The planned 2,000-km pipeline will cost approximately 20B ILS and expected to be completed by 2025. It will constitute an additional gas export option from Israel to Europe.
During the summit, the ministers of energy signed a joint declaration by which their respective countries are committed to promote the project, and a workgroup will be established to promote and attain an interstate agreement on this matter.
Also, the ministers announced that they adopt the joint professional document, prepared by the general directors of the ministries of energy, establishing the project has engineering and financial feasibility and strategic value.
The Minister of Energy, Dr. Yuval Steinitz: "today we can say that Israel is on the map also in the field of energy. The formal summit held this morning and our mutual agreement to launch the Mediterranean gas pipeline project means that Israel is conceived, not only in the Middle East but also in Europe, as a major player in the international energy market. It has financial consequences and certainly political ones."
Left to right:
The Cypriot Minister of Energy, Yiorgos Lakkotrypis. The Italian minister of economic development, Carlo Calenda. Dr. Yuval Steinitz, the Minister of Energy. The Greek minister of Energy, Giorgos Stathakis. The EU Climate and Energy commissioner, Miguel Arias Cañete.