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Economic resurgence of the Jewish state in the past, present and future
 
11/26/2020
 

Israel’s Economy Booms Amid EastMed Pipeline Deal

Economic resurgence of the Jewish state in the past, present and future

BY WARREN REINSCH

Israel signed a deal with Cyprus and Greece on January 2 to build an undersea natural gas pipeline from Israel to continental Europe. When completed, it will be the longest underwater pipeline in the world.

The 1,900-kilometer-long EastMed pipeline will run from Israel’s Levantine Basin offshore gas reserves to Cyprus, through the island of Crete, and then to the Greek mainland, bypassing Turkey. From there, the pipeline will continue overland to northwestern Greece. Another undersea pipeline is planned to carry the gas from Greece to Italy.

The estimated $6.7 billion project involves several technical difficulties, such as crossing several deep trenches, crossing a fault line south of Crete where several earthquakes occur, and the obvious problem of funding.

 
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