Israel’s EAPC Pipeline Company: Bringing UAE Oil to Europe

YERUSHALAYIM -
EAPC’s Eilat-Ashkelon pipeline jetty.

Israeli pipeline company EAPC said on Tuesday it had signed a preliminary deal to help transport oil from the United Arab Emirates to Europe via a pipeline that connects the Red Sea city of Eilat and the Mediterranean port of Ashkelon.

State-owned EAPC that operates the crude-oil pipeline system linking the Eilat oil port on the Red Sea coast with the Ashkelon oil port on the Mediterranean coast, as well as two additional pipelines supplying the refineries in Haifa and Ashdod, said it signed the memorandum of understanding with MED-RED Land Bridge, a company with Israeli and Emirati owners, in Abu Dhabi on Monday during a ceremony with visiting U.S. Treasury Secretary Steve Mnuchin.

The company did not disclose financial details.

A source familiar with the deal said a final deal could be worth $700-$800 million over several years and that supplies could start at the beginning of 2021