Cyprus, Greece, and Israel have signed a preliminary agreement to build the world's longest and deepest electrical cable, worth about $ 900 million, that will run across the Mediterranean Sea and connect their electrical networks.

Israeli Energy Minister Yuval Steinitz, who arrived in Nicosia to sign a memorandum of understanding with his colleagues, said the project, dubbed the Euro-Asian Interconnection, will provide a back-up source of energy during emergencies, Reuters reported.

Cyprus Energy Minister Natasa Pilides said that this is a decisive step towards ending the island's energy isolation and, as a result, dependence on heavy fuel.

The cable will have a capacity of 1,000-2,000 megawatts (MW) and is expected to be completed by 2024.

With a length of about 1,500 km and a maximum depth of 2,700 meters, it will be the longest and deepest electrical cable ever built.

The Israeli ministry said that the European Union has recognized the cable connection as a project of common interests and is ready to partially finance it.