Israel has approved the construction of a submarine pipeline project costing US$6.9 billion, which will transport natural gas to Europe.

According to Reuters, the Eastern Mediterranean (Eastmed) pipeline project, which has been in the planning stage for several years, was approved by the Israeli cabinet this week.

The Cabinet approved the agreement to build the pipeline signed earlier by the ministers of Israel, Greece and Cyprus.

Once the project is completed, natural gas from the offshore gas fields in Israel and Cyprus will be transported to Greece and then to Italy. Most of the 1,900-kilometer-long pipeline will be buried under the sea and partly on land.

The final investment decision is expected to be made in 2022, and the relevant country plans to build the pipeline and put it into operation in 2025.

At the initial stage of completion, the pipeline will transport approximately 10 billion cubic meters of natural gas each year, and then gradually double its transport capacity.

The project is expected to help Israel increase its influence as an energy exporter.

The news agency quoted Israel’s Energy Minister Yuval Steinitz as saying: “The government’s approval of the framework agreement for the laying of the Israel-Europe natural gas pipeline is another historic milestone for Israel to become an energy exporter.”