With the cable’s completion, it’s expected that more investment will flow into renewable energy sources enhancing the energy mix of Greece, Cyprus and Israel. Pilides said beyond the project’s geopolitical weight, it will ensure Cyprus’ energy security, boost competitiveness in the power supply sector and help the island nation more easily transition to a green economy. Negotiations to transfer the funds are expected to wrap up this summer. Pilides said the money enables crews to start constructing the segment of the cable that will connect Cyprus with Crete whose total cost is estimated at roughly 1.6 billion euros ($1.8 billion). Pilides told reporters the funding is Cyprus’ largest-ever investment as well as the lion’s share of the total sum that the EU’s Connecting Europe Facility, which bankrolls infrastructure projects, has allocated to a single project this year. The Israeli Prime Minister said that the next trilateral summit of EastMed will take place in the city of Beersheba in Israel in 2018.The European Union has earmarked 657 million euros ($736 million) for the construction of a a 2,000-megawatt undersea electricity cable that will link the power grids of Israel, Cyprus and Greece, Cypriot Energy Minister Natasa Pilides said Thursday. The construction of the EuroAsia Interconnector will commence late 2018 or early 2019, whereby Greece, Cyprus and Israel will begin to build an electricity interconnector with initial transmission capacity of 1.000MW, which will end Cyprus’ energy isolation, according to experts ( ). It is a European Union Project of Common Interest and will connect the national grids of Cyprus, Israel and Crete-Attica in Greece. The Euro Asia Interconnector is a project between Eastern Mediterranean and the European Union which will enable Cyprus and Greece to act as bridges of cooperation linking the two ( ). The three leaders further discussed linking their countries’ power grids via the underwater EuroAsia Interconnectorand reaffirmed their commitment to complete the project as well as the possibility that the link will include a fiber-optic network ( ). This Project will have the capacity to carry up to 20 billion cubic meters (706 billion cubic feet) of gas yearly, meaning that Europe’s gas import needs are projected to increase by 100 billion cubic meters (3.5 billion cubic feet) annually by 2030. The pipeline, which would start approximately 170 kilometers (105 miles) off Cyprus’s southern coast and stretch for 2,200 kilometers (1,350 miles) to reach Otranto, Italy, via Crete and the Greek mainland, will cost over EUR 6 billion, and will take between six to seven years to complete. On similar lines, Israeli Prime Minister stated the EastMed pipeline a "very serious endeavor" that's important for Europe, which is looking for new sources of energy, whilst the Greek Prime Minister called the project “emblematic”of the cooperation between the three countries ( ). He further proclaimed that this project creates an unrivalled network of common interests and clear strategic benefit for our countries and beyond since its implementation will tangibly contribute to the security of the European Union's energy supply". It should also be noted that Egypt, through the Energy Minister Yiorgos Lakkotropi, conveyed to Israel and Greece its interest in EastMed, which proves the geopolitical, energy and commercial importance of the pipeline ()Ĭyprus President Nicos Anastasiades said the three countries aim to sign an agreement this year to nudge the pipeline project forward. Alexis Tsipras, declared on the 8th May 2018 that they're determined to push ahead with plans for the EastMed pipeline that would supply east Mediterranean gas to Europe as the continent seeks to diversify its supplies ( ).Īs such, a Memorandum of Cooperation was signed in the framework of the trilateral high level meeting between Cyprus, Greece and Israel, which provides for more cooperation in the fields of trade, investments, energy, entrepreneurship ( ). Benjamin Netanyahu, and Greece's Prime Minister Mr. Nicos Anastasiades, the Israeli Prime Minister Mr. The President of the Republic of Cyprus Mr.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |