Handelsblatt: The economic and geostrategic significance of the EastMed pipeline

On the occasion of the latest tripartite in Israel with the participation of Netanyahu, Tsipraσ and Anastasiades, the newspaper notes that "it was already the fifth Summit of this group in three years. From the talks that began in 2015, a kind of alliance is beginning to form. With the establishment of a joint secretariat based in Cyprus, the three countries want to institutionalize and intensify their cooperation."

Referring to huge reserves of gas allegedly found in the eastern Mediterranean, the newspaper notes that these "... could contribute to the energy supply of western Europe. However, it remains open to date how the gas from the δριλλινγ areas will be transferred to the countries that will buy it.

"The East Med Pipeline project currently under discussion is envisaging a pipeline of 1,900 km along the eastern Mediterranean. It will begin in the drilling areas on the Israeli coast and will lead through Cyprus and Crete to the Peloponnese.

"The route will continue in mainland Greece where the pipeline will meet the planned Poseidon pipeline that will end up in Otranto, Italy, from where gas can be fed into the European grid ... 1,300 km of the pipeline will be built underwater. With depths of up to 3,000 meters this is a great technical challenge. "

According to statements by US Ambassador to Israel, Friedman, who participated in the recent tripartite, the project is of great importance not only for energy but also for geostrategic reasons. "From the point of view of the Americans, this pipeline is particularly interesting in the context of Russian sovereignty over gas supply.

"The initially predicted volume of 10 billion cubic meters of gas can account for just one fifth of North Stream. However, the pipeline would be an alternative to Europe's energy supply, which would relegate Russia's role as a supplier. "

Israel "sees the pipeline as a tool to limit the influence of Arab suppliers while "... Greece could not only collect gas transport charges and strengthen its role as an energy hub but also exploit the pipeline to cover its own of needs. "

Next steps, according to the financial newspaper, are the signing of the agreement in Crete and the green light from the Commission that should be taken for granted.