Azernews.Az

By Trend

Israel plans to sign an agreement with Greece and Cyprus next year for the world’s longest natural gas pipeline, known as the East Med, Trend reports referring to The Jerusalem Post.

It would export natural gas from Israel to Europe via Greece and could cost as much as $7 billion.

Prime Minister Benjamin Netanyahu held talks on the project with Cypriot President Nicos Anastasiades and Greek Prime Minister Alexis Tsipras during the tripartite meeting that marked the fifth summit between three countries held in Beersheba.

The agreement for the East Med will be formalized next year at the sixth summit. It also needs approval for the European Commission.

“Today we reaffirmed our commitment for the East Med pipeline, discussed important aspects of the project,” Netanyahu said.

He added that the document could be signed in a number of months at the 6th summit.

“We think that this will open up new energy opportunities for Europe. It is important for the security of Europe, it is important for our respective economies and it is important for anchoring additional regional cooperation,” Netanyahu said.

US Ambassador to Israel David Friedman said his country supports the project and that it was important for regional stability.