[Dr. Aaron Lerner - IMRA: Hats off to Minister Uzi Landau for having the
vision to launch this historic move. Linking Israel to the European grid
will indeed dramatically change Israel's energy redundancy and energy
security. If implemented, this move alone will be enough to earn him a
place in Israel's history books.]

Energy and Water Resources Minister Dr. Uzi Landau Instructs Israel electric
Corporation to Prepare MOU to be Signed with Cyprus on Linking Israel and
Europe

(Communicated by the Energy and Water Resources Minister's Media Adviser)

Energy and Water Resources Minister Dr. Uzi Landau today (Sunday), 29.1.12,
instructed the Israel Electric
Corporation to move forward
on the implementation of the project to lay an undersea cable to supply
electricity and to prepare a draft memorandum of understanding for signing
with Deh Quantum Energy, which
is controlled by the Greek electric corporation, the Bank of Cyprus and a
private firm. This will enable Israel to carry out a feasibility study for
the project. If everything goes as planned, it will be possible to submit
the project for approval by the Israeli and Cypriot governments in the
course of 2012.

At a meeting he convened today, Minister Landau briefed senior IEC officials
on the main points of the project (click
here
and here for
details).

Minister Landau first raised the idea of an underwater electricity cable to
link Israel and Cyprus when he accompanied President Shimon Peres to Cyprus
last November, and discussed it again last week during Cyprus Commerce,
Industry and Tourism Minister Praxoula Antoniadou Kyriacou's visit to
Israel.

"This project could have a major positive influence on Israel's economy
when, for the first time in our history, we will move beyond our being an
energy island and link up with Cyprus, and through it to Europe. This is a
psychological and diplomatic breakthrough that will affect Israel's energy
redundancy and energy security. We are very much interested in moving
forward on the issue," Minister Landau said.