Israel, Greece and Cyprus sign deal for EastMed gas pipeline

Greece, Cyprus and Israel have signed a deal for a pipeline designed to move gas from the eastern Mediterranean to Europe.

The EastMed line is intended to provide an alternative gas source for energy-hungry Europe, reports "Euronews."

The 2,000-kilometre pipeline will transfer up to 12 billion cubic metres a year from offshore gas reserves between Israel and Cyprus to Greece, and then onto other countries in southeast Europe. It's expected to provide around 10% of the EU's natural gas needs.

The discovery of hydrocarbon reserves in the eastern Mediterranean has sparked a scramble for the energy riches in the region.

Gabriel Mitchell, a policy fellow at the Mitvim Institute in Jerusalem, says the signing of the deal is no guarantee the construction of the pipeline will go ahead.