From the Times of Israel, October 21:
Agreement slammed by environmental group
State-owned Europe-Asia Pipeline Co. says agreement, reached as part of normalization pact, will see much more oil pumped through major link between East Asia and Europe
An oil pipeline running from the Red Sea resort of Eilat to the Mediterranean port city of Ashkelon will be extended to the United Arab Emirates, providing the UAE with a bridge to get fossil fuel directly to Europe, an Israeli company said Tuesday. It is seen as one of the most significant collaborations to have emerged since the countries established diplomatic ties.
The memorandum of understanding is between the state-owned Europe-Asia Pipeline Co., formerly the Eilat-Ashkelon Pipeline Co., and a company called MED-RED Land Bridge, which is a joint venture between Israelis and Emiratis, according to an announcement.
It was signed in Abu Dhabi with US Treasury Secretary Steve Mnuchin and other US and UAE officials present, meaning the signing would have taken place shortly before they flew to Israel Tuesday for a landmark visit.
EAPC said in a statement that the collaboration is significant news for the global energy market, since it will offer oil producers and refiners the shortest, most efficient and most cost-effective route to transport oil and related products from the Arabian Gulf to the consumption centers in the West, and provides access for consumers in the Far East to oil produced in the Mediterranean and Black Sea regions.
An Eilat Ashkelon Pipeline Company oil terminal in Eilat. (CC BY 2.5/Pikiwikisrael)An oil pipeline running from the Red Sea resort of Eilat to the Mediterranean port city of Ashkelon will be extended to the United Arab Emirates, providing the UAE with a bridge to get fossil fuel directly to Europe, an Israeli company said Tuesday. It is seen as one of the most significant collaborations to have emerged since the countries established diplomatic ties.
The memorandum of understanding is between the state-owned Europe-Asia Pipeline Co., formerly the Eilat-Ashkelon Pipeline Co., and a company called MED-RED Land Bridge, which is a joint venture between Israelis and Emiratis, according to an announcement.
It was signed in Abu Dhabi with US Treasury Secretary Steve Mnuchin and other US and UAE officials present, meaning the signing would have taken place shortly before they flew to Israel Tuesday for a landmark visit.
EAPC said in a statement that the collaboration is significant news for the global energy market, since it will offer oil producers and refiners the shortest, most efficient and most cost-effective route to transport oil and related products from the Arabian Gulf to the consumption centers in the West, and provides access for consumers in the Far East to oil produced in the Mediterranean and Black Sea regions.
“MED-RED is in advanced negotiations with major players in the West and in the East for long-term service agreements,” the company said.
The agreement “is likely to increase the transferred quantities by tens of millions of tons per year,” it added....
....MUCH MORE
