EastMed Pipeline: Expectations for Draghi’s signature

Positive developments are foretold for the EastMed gas pipeline, following the recent 180-degree turn of the Italian parliament, which unanimously passed a resolution in support of the major project.

According to competent sources speaking to OT, “we expect further moves in support of the project and we do not rule out that they may occur in a month.” According to information, it is very likely that the Italian government of Mario Draghi will seek its participation in the intergovernmental agreement Israel – Cyprus – Greece, which was signed in January 2020 and concerned the development and construction of the EastMed pipeline.

Although the project continues to be challenged by US agents as to its viability, the recent meeting of the three countries’ energy ministers in Jerusalem confirmed the agreement to promote this alternative route for the transfer of natural gas deposits from the Israeli and Israeli fields. EEZ to Europe. And if Rome officially expresses, through its government, the intention to sign then the political support of the project strengthens.

DEPA, Edison and Draghi…

It is worth noting that the investment plan run by Public Gas Corporation-DEPA International Works and Edison, was prepared with the participation of Italy as a natural gas host country. However, two to three years ago, the political forces of our neighboring state withdrew their support, highlighting the environmental impact of such a project.

The impact on the energy security of European countries caused by the Russian invasion of Ukraine, led Mario Draghi to change his attitude, pointing to the pipeline as an important alternative energy source, which the EU should seriously consider. This was followed by the adoption of a resolution by all parties in the Italian Parliament, urging the Italian Prime Minister to co-sign the Israel-Cyprus-Greece intergovernmental agreement.

DEPA International Works and Edison, according to sources, are working at all times for the technical maturation of the project and in this phase they are proceeding to the elaboration of the feasibility study. The recent visit to Jerusalem of DEPA CEO, Costas Xifaras, in the context of the inter-ministerial Energy meeting between the three countries exactly symbolized the importance of the implementation of the pipeline. The proposal of Energean to the Cypriot government for the export of quantities of gas through pipeline from the Greek company’s deposits in Israel to the island of Aphrodite can be a model of the bigger plan… The gas from there in the first phase can be channeled through FSRU to Europe.