Filenews 14 March 2022
By Harry Floudopoulos
There has been movement in recent days around the East Med gas pipeline project, which was recently in the spotlight due to the withdrawal of support for the project on the part of the United States.
However, the changes taking place within the framework of European energy policy, the decision for the rapid de-dependence on Russian gas and the skyrocketing prices, create a new scene in which the project becomes attractive again.
In this context, a few days ago, the Italian CEO, Edison Nicola Monti, stressed the urgent need to bring the EastMed pipeline project back into the spotlight in order to be able to diversify supplies from gas sources that have already been discovered and are close to the European market.
The EastMed project "was viable and competitive even before the crisis, but even more so it is sustainable and competitive today", Mr. Monti underlined.
It is a "project that can be implemented within four years of having all the conditions in terms of funding and politically are met", Mr Monti added. According to him, it is the only real project to diversify gas sources.
From the statements of the CEO of Edison, which we recall participates together with DEPA in the pipeline project, it appears that the high prices of natural gas make the pipeline viable.
It is worth noting that the recent withdrawal of US support to the pipeline was justified by concerns about the commercial and technical viability of the project.
At the same time, the EU's plan Repower EU, sets as a priority the de-dependence of Europe on Russian gas, a fact of particular importance for the East Med pipeline, which is expected to supply Greece and the markets of Europe with natural gas coming from the rich deposits of the eastern Mediterranean, from Cyprus, Israel and Egypt.
It is clear that the East Med pipeline is coming back to the forefront due to the wider developments and the conflict in Ukraine as it is imperative that the EU finds viable and sufficient alternatives to replace Russian gas.
Finally, it is worth mentioning that in the light of the developments, the conference "South East Europe & East Med" that will take place today and tomorrow in Washington, and in which the Secretary-General of the Ministry of Environment, Energy and Climate Change, Alexandra Sdoukou, as well as the initiator of the EastMed Act and head of the International Relations Committee of the US Senate, Bob Menendez, will participate, among others, is of particular interest.
Source: Capital.gr
