OREANDA-NEWS. An agreement between Greece, Israel and Cyprus on the construction of the EastMed gas pipeline was signed in Athens.

Greek Prime Minister Kyriakos Mitsotakis, commenting on it, said that three countries are “forming a new energy hub in the Eastern Mediterranean”. The politician noted that EastMed will be one of the largest gas pipelines in the world. According to him, the project will become a contribution to peace and geopolitical stability.

The agreement was signed by the Ministerfor the Environment and Energy of Greece Kostis Hatzidakis, the Minister of Energy of Israel Yuval Steinitz and the Minister of Energy, Trade and Industry of Cyprus Georgios Lakkotripis.

According to RIA Novosti news agency, EastMed will connect Greece, Cyprus and Israel with the south of Europe, its length will be 1.9 thousand kilometers, investment in construction is estimated at 6 billion euros.

Pipeline’s design capacity is 10 billion cubic meters of gas per year. Additional 1 billion cubic meters will ensure domestic consumption in Cyprus. It is expected that EastMed will be launched in 2024–2025.