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Greece, Cyprus and Israel sign energy, water memorandum
Greece, Cyprus and Israel signed a memorandum of mutual understanding to cooperate in energy and water resources, in Nicosia on Thursday afternoon.
Cyprus Energy Minister Giorgos Lakkotrypis described the memorandum as being of decisive significance while Greek Environment, Energy and Climate Change Yiannis Maniatis said the three countries were entering a significant and creative stage and Cyprus and Greece were consolidating their positions in the area as factors of stability. Israeli Energy and Water Resources Minister Silvan Shalom said the cooperation would result in lower electricity cost for Cyprus in this and other, consecutive projects.
All three expressed support for the EuroAsia Interconnector plan to link energies among the three countries by an underwater cable with a capacity to convey 2,000 MW of electric power. The project is expected to finish in 2016, is partly funded by the EU, and is expected to cost around 1.5 billion euros.