The prospective 2,000km EastMed natural gas pipeline could still be built despite doubts, according to Italian Energy group Edison’s CEO.
Speaking at an energy lobby meeting, Nicola Monti told Reuters that the company is in conversation with the governments of Cyprus and Israel about the project’s continuation. The Eastmed pipeline would transport natural gas under the east end of the Mediterranean Sea from Israel to Greece via Cyprus.
Go deeper with GlobalData
Monti said: “A link between Israel and Cyprus can be a first portion of the pipeline we are promoting, because from Cyprus we could then connect with Crete and Greece.”
In June, Cyprus stated that instead of one 2,000km pipeline all the way to Greece, it would be more beneficial to have only the Israel-Cyprus stretch. In this case, Cyprus would instead construct a liquefaction plant and transport liquified natural gas (LNG) to Europe via shipping.
At the time, Cypriot Energy Minister George Papanastasiou stated that Cyprus had not dropped out of the EastMed pipeline project, but that it required discussion. “It is a very cost-intensive project, but there are technical issues such as the depth of sea where the pipeline needs to be laid,” Papanastasiou explained. A link between Cyprus and Israel would only cover 300km, as opposed to the prospective 2,000km of EastMed.
Monti, however, said this week he believed that the cost of the Cypriot liquefaction plant, overseas LNG shipping and the shorter 300km pipeline would be more costly than the original EastMed plan.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataEdison Group is the sole owner of IGI Poseidon, the operator of the project, as well as the Poseidon pipeline that will link the EastMed pipeline to both Italy and Turkey.
In May, a professor at the University of Patras in Greece argued that the pipeline could aid the Greek people by easing continuing price rises in the country. Professor Avraam Zelilidis stated that because continued fuel price hikes were making many Greeks poorer, the pipeline could “save” them from extreme poverty.
