Mediterranean countries Cyprus, Greece, Israel and Italy on Tuesday signed a memorandum of understanding to build the world's longest underwater natural gas pipeline to supply Europe.
"The project will secure a direct long-term export route from Israel and Cyprus to Greece, Italy and other European markets... thereby strengthening EU's security of supply," a joint statement said.
It said the four states would also pool resources on studies for, construction of and operating the ambitious project, which is seen as technically and financially viable.
The pipeline to supply Europe with natural gas will be some 2,000 kilometers (1,240 miles) long, and is estimated to cost approximately $6 billion (five billion euros). It will have an annual capacity of 10-16 billion cubic feet, and could be completed by 2025.
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