Building a pipeline to deliver natural gas from deposits in the Eastern Mediterranean to European markets is too expensive, not economically viable and will take too long to help countries seeking alternatives to Russian gas any time soon, a senior U.S. diplomat said Thursday.
The EastMed pipeline to transfer natural gas from Israeli waters to Europe via the Greek Cypriot administration and Greece, excluding Turkey, was announced in 2016, and several agreements have been signed.
The three states aimed to complete the 6 billion euro ($6.5 billion) project by 2025, but no financing has been secured.
Plans further stalled after the United States expressed misgivings in January.
Read the full story on Daily Sabah