Greece, Cyprus and Israel have signed an intergovernmental agreement for the EastMed natural gas pipeline during a meeting on Thursday.

EastMed pipeline is designed to carry gas from offshore deposits in the southeastern Mediterranean to continental Europe.

The deal was signed during a ceremony at Zappeion Hall by the three countries’ energy ministers, Costis Hatzidakis, Yiorgos Lakkotrypis and Yuval Steinitz, ekathimerini.com reported.

The projectwill transport natural gas from the off-shore gas reserves in the Levantine Basin into Greece, and in conjunction with the Poseidon and IGB pipelines into Italy and other European regions. The investment into project are estimated at 6 billion euros. The pipeline has a capacity of 10 billion cubic meters a year.