Jerusalem, 17 May, 2023 (TPS) -- The Minister of Energy of Cyprus, Giorgos Papanastasiou, confirmed that an important meeting with gas companies is scheduled for May 29, aimed at expediting the construction of a natural gas liquefaction plant in collaboration with Israel.

“The eastern Mediterranean has enough (gas) deposits. Most are inside Israel’s exclusive economic zone, but Cyprus has sufficient quantities as well for this project to materialize,” Papanastasiou said.

Once funding is in place, the liquefaction plant would be built in two-and-a-half years. The completion of an associated pipeline linking Israel and Cyprus would require an estimated 18 months. Gas liquified in Cyprus would then be delivered to Europe on ships.

The process of gas liquefaction involves cooling gas below its boiling point so it can be safely stored and transported.

Israel sits on trillions of cubic feet of natural gas in offshore reserves, but does not have liquefaction facilities. Cyprus also has gas fields, though not as large as Israel’s.

On Thursday, Papanastasiou accompanied Cypriot President Nikos Christodoulides for a visit to Jerusalem for talks with Israeli Prime Minister Benjamin Netanyahu. Papanastasiou intends to return to Israel for further discussions.

The initiative is an alternative to the more ambitious $6.8 billion EastMed pipeline project, which sought to link Israel, Cyprus, Greece and the European mainland. EastMed was essentially frozen when the U.S. withdrew its support for the project in January 2022. Washington raised concerns about political instability stemming from Turkish opposition, as well EastMed’s economic viability and environmental impact.

Since the Russian invasion of Ukraine, Europe has been moving to diversify its energy sources. Turkey has also been courting Israel to collaborate on energy ventures.

Israel has separate agreements to sell natural gas to Europe via Egyptian liquefaction facilities.