According to Reuters, the two companies have signed the agreement to construct an Israel gas pipeline to Europe.
The EastMed pipeline could carry approximately 10 billion m3/a of gas from the eastern Mediterranean to Cyprus, Greece, Italy and other European markets.
Over the past decade, offshore gas discoveries have transformed Israel into an energy exporter with international export deals already signed.
Due to these discoveries, INGL and IGI Poseidon decided to form a joint team to examine the technicalities and regulations involved in the EastMed pipeline construction.
Reuters said that IGI Poseidon is a joint venture between Greek natural gas firm DEPA and Italian energy company Edison, which has been promoting the natural gas pipeline project for several years with support from many European countries.
For more information visit the INGL website.
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