IGI Poseidon signs MoU on Israeli gas pipeline


Israel Natural Gas Lines (INGL) is looking at building a natural gas pipeline to Europe under a memorandum of understanding signed with IGI Poseidon, it said on Tuesday.

The mooted EastMed pipeline could carry about 10 billion cubic meters of gas a year from the Eastern Mediterranean to Cyprus, Greece, Italy and other European markets.

INGL and IGI Poseidon will form a joint team to examine technical, regulatory and other issues involved in constructing the pipeline, INGL said in a regulatory filing.

IGI Poseidon is a joint venture between Greek natural gas firm DEPA and Italian energy company Edison. It has been promoting the project for several years with the backing of Israel and a number of European countries.

Vast offshore gas discoveries over the past decade have transformed Israel into an energy exporter, with export deals already signed with customers in Jordan and Egypt.