FX.co ★ EastMed to pose challenge to Nord Stream 2

The outlook for Russia-backed Nord Stream 2 is uncertain causing controversy among EU nations. Only the Russian side assures the community that the gas pipeline project will be launched as scheduled. Meanwhile, the thorny issue of regulations against Nord Stream 2 prompted some EU countries to search for alternative supply routes and suppliers. In the first days of 2020, Greece, Israel, and Cyprus settled a deal for the construction of a gas pipeline aimed to deliver gas from the Eastern Mediterranean to Europe. The EastMed line is viewed as an alternative gas source and competitor of Nord Stream 2. The deal was signed in Athens by the energy ministers of Greece, Israel, and Cyprus. The high-level ceremony was attended by the Prime Ministers of Greece and Israel and the President of Cyprus. The project has been under development for a few years. So, former Greece’s energy ministers were also invited as they were in charge of the project at the early stages. EastMed is due to supply gas from the Leviathan field in Israel and the Aphrodite gas wells in Cyprus to the continental Europe. Investment in the project is estimated at EUR 6 billion. The pipeline of 1,900 kilometers will transfer nearly 10 billion cubic meters a year, though its annual capacity could be expanded to 20 billion cubic meters.