Greece, Cyprus and Israel aim to accelerate the development of the proposed EastMed gas pipeline project, which would deliver gas from the Levant basin in Cyprus and Israel to European markets through Greece, and possibly Italy. The partners have set a target date of 2025 for completing the planned 2,000 km-long gas interconnection, estimated at €6bn.
Israel has discovered more than 900 bcm of gas offshore and undiscovered resources are estimated at another 2,200 bcm. The 128 bcm Aphrodite gas field was discovered in Cyprus waters near the Israeli border and more resources are also expected. Three options have been considered to deliver these gas resources to Europe: the EastMed pipeline, a gas pipeline to Turkey and delivering gas to Egypt, where it could be liquefied at the idled LNG plants before being exported to Europe. Plans to develop liquefaction capacities in Cyprus have remained in limbo due to high costs.
Cyprus, Greece and Israel are also considering developing a power interconnection, the EuroAsia Interconnector, that would connect Cyprus, Crete (Greece) and mainland Greece.