The Cypriot government approved on Thursday a bill on the intergovernmental agreement for the Eastern Mediterranean pipeline project.
Energy Minister Giorgos Lakkotrypis said the bill will be referred to parliament for approval.
The deal to build an undersea pipeline to carry gas from new offshore deposits in the southeastern Mediterranean to continental Europe was signed by Greece, Israel and Cyprus on January 2 in Athens.
Lakkotrypis said the agreement includes provisions allowing Italy to sign whenever it is ready.
According to the minister, the deal is necessary to organize various issues among the concerned countries, such as maritime judicial rulings and environmental and security issues.
“It also establishes a joint working group to monitor and implement the necessary work for the project.”
Lakkotrypis said technical studies are underway for the 35-million-euro worth pipeline project, which is funded by the European Commission.
“The cost of these studies is estimated at tens of millions of euros,” he stressed, noting that relevant countries are convinced that this project can be implemented.
Asked whether the coronavirus pandemic has affected the prospects for cooperation, he said the countries involved in such a mega project don’t just take into account current conditions, instead they put plans for several years ahead.
Soon, the consortium will proceed with its effort to find buyers for natural gas, he added, stressing that this factor plays a major role in determining whether the project’s implementation is possible.