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Agreement on East Med pipeline reached

Greece, Italy and Cyprus reached an agreement with Israel for the construction of a pipeline linking the gas reserves of the Jewish state with the three countries, a major project that is estimated to cost over $ 7 billion, according to the Times of Israel newspaper.

Through this major pipeline, gas from the eastern Mediterranean will be funnelled to Europe, as the continent seeks to diversify its energy supply.

According to the TV channel Hadashot, the European Union agreed to invest $ 100 million on a feasibility study for the project until an agreement on the placement of the longest and deepest undersea gas pipeline in the world.

Under the agreement, Israel and Cyprus will be prefered over other countries for the export of natural gas to the European market, according to the report.

The East Med pipeline will launch about 170 kilometers (105 miles) off the southern coast of Cyprus and stretches for 2200 km (1350 miles) to get to Otranto Italy via Crete and mainland Greece.