An agreement has been reached to lay a gas pipeline connecting Israel and European countries, Hadashot TV reported on Saturday night.
The agreement has been signed by Israel, Greece, Italy and Cyprus, with the backing of the European Union, according to the report.
The pipeline would be the world's longest and deepest underground gas pipeline, 2,000 kilometers long and 3.5 kilometers deep, and will connect these four countries and allow Israel to export gas to the Balkans and Central Europe.
Hadashot TV reported that the EU agreed to invest $100 million in a feasibility study before the agreement was reached. Now, after two years of intensive contacts, the parties have reached an agreement that will be submitted this week for consideration by the member states. It is estimated that work on the gas pipeline will begin within a few months.
Within five years, the gas is supposed to flow through the pipeline and bring huge sums of money into Israel. Among the significant clauses in the agreement is priority for Israel and Cyprus in exporting gas to the European market, which is considered the largest and most significant market in which gas prices are double than what they are in Israel.