![]() ![]() The Israeli ministry said that the European Union has recognised the cable as a “Project of Common Interest” and was willing to partly fund it. The project, called the Euro-Asia Interconnector, will help Israel build on more options for renewable energy, contribute to energy. Steinitz said the cable “will allow us to receive electricity backing from the power grids of the European continent in times of emergency and more importantly will also support our ability to significantly increase reliance on solar power generation.” Israel, Cyprus and Greece signed a Memorandum of Understanding (MoU) on Monday regarding a project to link their power grids via the construction of the world’s longest and deepest undersea power cable. With a length of about 1,500 km and a maximum depth of 2,700 metres, it will be the longest and deepest subsea electricity cable to have ever been constructed, it said. The cable will have a capacity of 1,000-2,000 megawatts (MW) and is expected to be completed by 2024, according to Israel’s energy ministry. The project, called the Euro-Asia interconnector, will provide a back-up power source in times of emergency, said Israeli Energy Minister Yuval Steinitz, who was in Nicosia to sign a memorandum of understanding with his counterparts.Ĭypriot Energy Minister Natasa Pilides said it marked “a decisive step towards ending the island’s energy isolation, and consequently, our dependence on heavy fuels.” (This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.Cyprus, Greece and Israel on Monday signed an initial agreement to build the world’s longest and deepest underwater power cable that will traverse the Mediterranean seabed at a cost of about $900 million and link their electricity grids. Cyprus and Israel are also looking at expediting a link of their electricity grids via a subsea cable, he added. With estimated gas needs in Cyprus of only 0.7 billion cubic metres, the government also wants liquefaction facilities which Papanastasiou said would encourage investors and enable the gas to get to the "most thirsty market" right now of Europe. ![]() "As soon as we develop the technologies and we have enough green power generation then the pipelines can be used for hydrogen transportation," Papanastasiou said. Both have stopped financing fossil fuel projects. The first committee will be gas and hydrogen, and the second committee electricity," Papanastasiou said.īeing able to potentially carry hydrogen, considered a clean fuel, made the pipeline a project which would be eligible for future financial support from institutions such as the EIB or EBRD. "There will be two technical committees with experts from both sides, starting the conversation in July. The projects had the backing of Israeli Prime Minister Benjamin Netanyahu and Cypriot President Nikos Christodoulides, Papanastasiou said. Other than being shorter and faster to build, a 300 km link to fields off Israel will provide Cyprus with access to cheap gas, and give Israel another export outlet in addition to Egypt. "It's a very high, cost intensive project, but there are technical issues such as the depth of sea where the pipeline needs to be laid," the minister said. Papanastasiou said the EastMed pipeline, which has been under discussion between Israel, Cyprus and Greece for about a decade, had not been dropped but it faced challenges. "It's a win-win," he said in an interview on Tuesday. Lesser Cypriot discoveries are yet to enter into production and for Energy Minister George Papanastasiou, a nearly four-decade energy industry veteran, his new plan provides answers. The eastern Mediterranean has yielded major gas discoveries in the past decade, mostly off Israel and Egypt, with interest rising since Russia's invasion of Ukraine hit flows to Europe. Once in Cyprus, the gas could be converted to LNG and shipped to Europe. Rather than the 2,000 km (1,243 mile) EastMed pipeline to continental Europe, the new government is proposing a much shorter one linking Cyprus to fields off Israel. Proposals by the new centrist Cypriot government, which came to power in March, represent a markedly different approach to its predecessors in getting gas to Europe and other markets. Reuters | Updated: 20-06-2023 18:53 IST | Created: 20-06-2023 18:29 ISTĬyprus hopes to develop plans for a pipeline linking it to Israel's east Mediterranean gas fields during talks which start next month, the island's top energy official told Reuters.
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