Greece, Israel, Greek Cyprus sign EastMed project

Greece, Israel and Greek Cyprus on Jan. 2 signed an Eastern Mediterranean (EastMed) pipeline project, planned to run from Israel to Greek Cyprus, Crete, Greece, and ultimately to Italy, local Greek media reported.

The deal was signed in Athens by the energy ministers of Greece, Israel, and Greek Cyprus, according to the Greek daily Kathimerini.

Greek Prime Minister Kyriakos Mitsotakis, Israel Prime Minister Benjamin Netanyahu, Greek Cypriot leader Nicos Anastasiades were also present at the signing ceremony.

The EastMed pipeline project is a 1,900-km (1,180-mile) natural gas pipeline project that extends from Israel to Greece and then to Italy.

But the main problems with the project is that it is costly and the gas to cover these costs have not yet been supplied.

It is estimated that the transfer cost of the natural gas would be three times cheaper if the pipeline passes through Turkey.

Prior to the signing of the agreement by Greece, Israel and the Greek Cypriots, the Turkish Cypriot President Mustafa Akıncı on Jan. 2 also condemned the project stressing that it "contradicts geographical facts" and is "decided on purely political concerns."

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