Joint Declaration of the EastMed Pipeline Ministerial Summit, in Tel Aviv

The Parties, as an outcome of the EastMed Pipeline Ministerial Summit held in Tel Aviv on April 3rd 2017, in the presence of EU Commissioner M. Canete, having acknowledged that:

– the recent gas discoveries in the Eastern Mediterranean Region, together with the potential for additional substantial discoveries, will likely transform the Region to a significant gas exporter to global gas markets;

– in particular, proven offshore gas reserves in Israeli and Cyprus’ EEZs are already sufficient to underpin multiple complementary export projects by pipeline and LNG;

– Europe, being the largest world gas importer, has the long lasting strategic goal to increase its security of supply by promoting gas projects enhancing diversification of import sources and routes;

– the EastMed Gas Pipeline Project – a European PCI project promoted by IGI Poseidon SA – allowing a direct connection between Eastern Mediterranean resources and Europe, represents a viable and strategic option for: i) gas producing States, as it will secure a direct long-term export route to European markets; ii) Europe, as it will contribute to strengthening EU’s security of supply, while promoting competition among gas suppliers;

– the results of the pre-feed study, co-financed by the EU Commission, are positive, and the project resulted as technically feasible and economically viable;

Jointly declare that:

– The parties support the establishment of the Eastern Mediterranean as another corridor for gas supplies to Europe.

– The EastMed Pipeline Project, while complementing other export options under assessment, represents a strategic priority for exporting into Europe part of the current gas reserves of the Eastern Mediterranean Region;

– The Parties will support the East-Med Pipeline development activities and to this extent will support the IGI Poseidon application for the obtainment of EU funding under Connecting European Facility program;

– The Parties will also reinforce their cooperation, forming a quadri-lateral working group with the aim to monitor and support the development of the EastMed Pipeline Project and to identify terms of a necessary Intergovernmental Agreement to expedite project realization.

– The parties endorse the working group report dated 30 March 2017, regarding the East Med pipeline, submitted to Commissioner Canete.

Source: Press and Information Office