EU to cut gas dependency on Russia with Israel pipeline

Israel and several EU nations have pledged to move forward with a Mediterranean gas project, aiming to pump natural gas from Israel to Europe through the longest undersea pipeline ever built, Deutsche Welle reports.

The planned pipeline – stretching about 2,000 kilometers (1,248 miles) on the bed of the Mediterranean Sea – aims to link gas fields off the coasts of Israel and Cyprus with Greece and possibly Italy, at a cost of up to 6 billion euros ($6.4 billion).

After a meeting in Tel Aviv on Monday between energy ministers from Israel, Cyprus, Greece and Italy, European Climate and Energy Commissioner Miguel Arias Canete told reporters he believed the project would “meet all relevant requirements” to make a financial commitment possible.

Canete also noted that Cyprus and Israel were “very reliable” suppliers, and that their gas reserves could make a valuable contribution to the EU’s strategy to “diversify sources, routes and suppliers.”

Canete admitted it would help limit reliance on the Nord Stream pipeline via Russia, which he said “adds nothing to the security of supply.”