Israel, Greece and Cyprus on 2 January signed a trilateral agreement in support of a planned €6bn pipeline that would link large gas reserves discovered off Israel and Cyprus with Greece and Italy.

Few analysts, certainly not MEES, expect the project to go anywhere. The plans looked uneconomic even when European gas prices were twice current levels, and bumper exports of US shale-fuelled LNG are likely to cap Mediterranean gas prices for years to come. (CONTINUED - 533 WORDS)