Energy Minister Yuval Steinitz met Friday with his counterparts from Bulgaria and Serbia to discuss a potential natural gas deal.
Steinitz, who is attending an energy summit in Thessaloniki, Greece, met with Bulgarian Energy Minister Temenuzhka Petkova and Serbian Energy Minister Aleksandar Antic to discuss the possible expansion of the East Med pipeline into the Balkan.
The East Med pipeline project will see Israel, Cyprus, Greece and Italy join forces in an effort to expand the EU's energy market, thus reducing its oil dependency on Russia.
Once completed, the pipeline will ship up to 16 billion cubic meters of gas a year from the Levantine Basin near Israel and Cyprus to Greece.
The undersea pipeline, whose construction is projected to be completed in 2025, stands to make Israel an important player in the European energy sphere.
Petkova noted in the meeting that she supports importing natural gas from Israel.
She noted that because of Bulgaria's geographic location, joining the East Med pipeline project would make her country a key player in the energy market in the Balkans.
Petkova said she would have her ministry conduct a financial feasibility review of the project.
Antic was reportedly equally enthused, saying Serbia "lacks energy infrastructure. The gas produced from the Caspian Sea fails to meet Serbia's needs and I want to ensure we can meet the demand."
Steinitz noted in the meeting that "the development of Israel's offshore gas fields and the potential discovery of additional gas fields will make Israel a reliable supplier.
"I welcome the energy ministers' cooperation, and we will continue to examine this issue in the interests of all parties."
U.S. Undersecretary of Energy Mark Menezes, who also attended the meeting, said the East Med pipeline project "is of strategic and geopolitical importance. We have a historic opportunity and the United States is ready to assist in this process."
