A Mega Deal agreement for the construction of the EastMed natural gas pipeline was signed between Cyprus, Greece and Israel in Athens on Thursday the 2nd of January 2020.
Italy is expected to join within the short future this agreement.
The project is favored by the United States and of the European Union, which are also co-financing.
The European Union shortly after the signing of the agreement announced that it is a welcoming development progress.
The EastMed is a proposed 2,000-kilometre natural gas pipeline project that will carry the region’s reserves to mainland Europe.
It will initially have a capacity to transport 10 billion cubic meters per year of gas to Greece and Italy and other southeast European countries.
The pipeline is to start about 170 km off Cyprus’ southern coast and stretch to Otranto, Italy, via Crete and the Greek mainland.
