Thread by @Xy5Z89

#BREAKING🚨🚨

#ISRAEL #UAE #JERUSALEM #AGREEMENT
-THREADE-

According to an Israeli firm, an oil pipeline running from the Red Sea resort of Eilat to the Mediterranean port city of Ashkelon will be extended to the United Arab Emirates,

providing the UAE with a bridge to directly get fossil fuel to Europe. The @TimesofIsrael claimed that it is seen as one of the most important partnerships to have emerged since the countries formed diplomatic relations.

The MoU is between Israel's government-controlled Europe-Asia Pipeline Co, formerly the Eilat-Ashkelon Pipeline, and the MED-RED Land Bridge, located in the UAE. With US Treasury Secretary Steve Mnuchin and other US and UAE officials present,

it was signed in Abu Dhabi, meaning the signing would have taken place shortly before they traveled to Israel for a historic visit. Collaboration is important news for the global energy market,

EAPC said in a statement, as it will provide oil producers and refiners with the shortest,

most reliable and most cost-effective route to transport oil and related products from the Arabian Gulf to West Consumption Centers and provide consumers in the Far East with access to oil produced in the Mediterranean and Blacksea region.

According to @Reuters, which cited an anonymous official with knowledge of the agreement, the deal is worth between $700 million and $800 million over several years. The report said supplies could start at the beginning of 2021.

Petromal, part of the Abu Dhabi-based National Holding, the Israeli company AF Entrepreneurship, and the multinational infrastructure and energy company Lubber Line are joint owners of MED-RED.

Initially, in 1968, EAPC was founded to ferry Iranian oil to Israel. After that spigot was shut down because of the Islamic Revolution, it has continued to work and was blamed for the worst oil spill in the history of the country in 2014.

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