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Economy

EastMed Natural Gas Agreement Tabled in Greek Parliament for Ratification

ATHENS – An international agreement for the EastMed pipeline, carrying natural gas from the East Mediterranean to Europe through Greece, was submitted to parliament on Tuesday for ratification.

The agreement was signed by Greece, Cyprus and Israel on January 2, 2020, in the presence of the leaders of the three countries.

EastMed will carry 10 bln m3 of gas per year, with an extension capacity of 20 bln m3 per year. It has a length of nearly 1,900 km from the Levant Base to the Florovouni area of Thesprotia prefecture, NW Greece, where it will connect with the submerged Greek-Italian pipeline. The section up to Italy is budgeted at 6 billion euros.

Responsibility for its construction lies with the Greece-based IGI Poseidon, which involves Greece's Public Gas Corporation (DEPA) and Italy's Edison as equal partners.

 

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