Greek Energean plans to build an underwater gas pipeline from Israel, but it will be carried out only to Cyprus, which is a member of the EU. Pipeline gas is cheaper for the island than LNG.
Greek Energean has signed a letter of intent with Cyprus Power Energy Cyprus (PEC) on the construction of a gas pipeline from the exclusive economic zone of Israel to The Mediterranean Sea to Cyprus — for the production of electricity.
According to Phileleftheros, PEC Director George Chrysochos confirmed the agreement, stating that the pipeline will run from the Karish offshore gas field to Vasilikosa in Cyprus.
Energean operates a floating production, storage and shipment facility at the Karish field.
According to preliminary estimates, gas through the pipeline may be 30-40% cheaper than regasified LNG transported by tankers to the Vasilikos terminal. At the same time, the construction itself will take about 14 months.
True, all approvals are still needed in Israel and with Greece, as the DEFA state-owned company has a monopoly right to import gas to Cyprus.
In the 2000s, significant gas reserves were discovered in Israel and a gas pipeline project to Europe was actively discussed - in Greece. Discussions with the support of the United States, which were interested in reducing Gazprom's supplies, lasted for a decade, but did not end because of the high cost.
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