Energy group Edison plans to take the final investment decision on a proposed pipeline to deliver east Mediterranean gas to European markets by the end of this year, Reuters reported.
The EastMed-Poseidon pipeline, which would initially connect several gas fields offshore Israel to Italy and have an annual capacity of 10 billion cubic metres (bcm) of gas, could be ready by 2027.
The project, supported by Israel, Cyprus and Greece, would guarantee alternative supplies for Europe, which is weaning itself off of Russian piped gas.
For these reasons, the European Commission could be interested in partly funding the project, whose cost is estimated at around €6 billion, Edison said.
Italy's Edison, a subsidiary of France's EDF and Greece's DEPA International Projects are promoting the project through their joint venture IGI Poseidon.
Last year, they received independent positive assessments over the feasibility of the pipeline, which would be 2,000 kilometres (1,243 miles) long, with at least 800 km offshore.
The pipeline would be fed by Israeli gas fields already in production and others under development.
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