Several Eastern Mediterranean governments - Cyprus, Greece, Israel, Italy, Jordan and Palestine - have agreed to establish the Eastern Mediterranean Gas Forum, a regional gas market that would optimise the resource development of its members, rationalise the cost of the transportation infrastructure, offer competitive trade prices and improve mutual trade relations. Other countries may join the forum later and the institution will be also open to monitoring by international and regional organisations.
The development of this forum would institutionalise the development of this promising gas market. It could also ensure a follow-up of the regional key projects such as the €6.2bn East Med gas pipeline project, which would tap Israel's gas resources (over 900 bcm of offshore gas reserves) and Cyprus' gas resources (at least 128 bcm in the Aphrodite gas field). The project would stretch over 2,100 km from the Levantine basin through Cyprus, Crete, Greece and connect with the Greek and Italian markets, and would be completed by 2025.
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