The Eastern Mediterranean Interconnector (EastMed) is today the most mature project to ensure direct interconnection of the Eastern Mediterranean gas fields, through Cyprus and Greece and through the Poseidon Pipeline to the rest of continental Europe, providing access to basins not currently connected, enhancing security of supply through diversification of both sources and routes.

The EastMed pipeline, which will extend over 2,000 km and initially carry 10 bcm/year in its current design, is included by the European Union in the Projects of Common Interest (PCI), which are recognised as a priority for Europe's energy balance. The pipeline has the potential to increase its capacity up to 20 bcm p.a. Also, on 5 May 2020, the EastMed project and the Poseidon pipeline were granted the status of Project of National Importance and Public Interest by the Greek Parliament.

The EastMed pipeline follows an offshore route to Cyprus, then to the coast of Crete and then through the Peloponnese and Western Greece to the coast of Thesprotia and Italy. At Florovouni in Thesprotia, the EastMed pipeline can be connected to the Poseidon pipeline project, further strengthening the integration of the EU energy market with the new discoveries in the Levantine Basin.

In 2015, EU co-financing of the project's Pre-Feed Studies was launched. The set of studies carried out and completed in March 2018 confirm the technical feasibility, economic viability and commercial competitiveness of the project. They also highlight the added value of the EastMed pipeline, as well as its complementary character in the context of the prospects for exporting gas from the South-Eastern Mediterranean to enhance Europe's energy security.

In June 2018, IGI Poseidon signed a €34.5 million Grant Agreement with the European Commission to co-finance 50% of the main remaining stages of the development and maturity of the project (Front End Engineering Design (FEED) phase), including the preparation of the environmental studies, the FEED and the Detailed Marine Survey (DMS).

All the Feasibility Studies (FEED) for the onshore & offshore sections have been awarded in June 2020. The Detailed Subsea Survey (DMS) has also been awarded, as well as the Environmental Studies for the onshore and offshore sections (ESIA Offshore & Onshore) and the Design Appraisal & Verification (D&V) contracts.

During the design of the project it has been investigated, with the help of leading companies in the field, to include provisions that further allow for the safe and optimised transport of hydrogen, promoting the transition of the Southeast Europe and Eastern Mediterranean region towards a sustainable and efficient energy transmission network and supporting hydrogen plants and the development of large energy consumers. In April 2020, the €2.3 billion EPCI tender was launched which, in the first phase, two (2) world-class construction companies have been directly pre-selected to carry out the early Detailed Design (phase budget €4 million).

The EastMed Project is at an advanced stage, the detailed design and studies for the Onshore sections of the Pipeline as well as for the Facilities have been completed and the ESIAs for Greece and Cyprus have been submitted.

In June 2022, DNV further certified the technical maturity of the Project based on the study data so far.

In the summer of 2022, the two companies specialising in the construction of offshore pipelines confirmed the instability of the EastMed pipeline.

At the same time, the financial structure as well as the commercial plan has been defined. In this context, in July 2022, Ernst & Young certified the methodology of the plan (due diligence).

The project promoter has prepared in December 2021 the legal study regarding the optimal regulatory model for the project and plans to carry out a non-binding market survey (market test) in 2024.

The final decision on the regulatory model of the project will be taken after the implementation of the market test and the evaluation of the results. The successful completion of the FEED phase, which was accomplished in 2023, combined with the commercial and regulatory actions, which are planned in the near future, will complete the necessary prerequisites for the final investment decision.

The development of the EastMed pipeline, beyond the EU, enjoys from the outset the active support of the Governments of the countries through which it will pass. In this context, on 2 January 2020, with the support of the Italian government, the Intergovernmental Agreement (IGA) was signed between Israel-Cyprus-Greece; and ratified by the Greek, Cypriot and Israeli parliaments.

Finally, the EastMed Project has confirmed its status as a project of common interest on the 6th PCI list.