The “EuroAsia project”, signed on March 4 in Haifa, Israel will be completed within three years and cost some 1.5 billion euros, will connect Israel’s energy supply to EU, via Cyprus and Crete.

In a joint letter to the company, both authorities emphasized that the completion of such a project would decisively contribute to ensure the safety of power supply for the entire region of SouthEast Europe and the eastern Mediterranean and called for a meeting to take place between the company and the parties involved for the formal presentation of the project, Kathimerini reported.

The company has notified the Regulatory Authority for Energy (RAE) and CERA, the corresponding authority in Cyprus, over the “EuroAsia Interconnector” project, according to Kathimerini.

At 1000 Kms long and lying at a maximum depth of 2,000 metres, the link, called the would be the longest in the world, said Nassos Ktoridis, chairman of the DEH-Quantum Energy partnership behind the project, told AP.

For both Israel and Cyprus, connecting the two countries through an underwater cable will promote more than just electrical stability, but will further promote their relations.

Israel has faced elevated power prices, while this week, Egypt announced that it was halting gas exports to Israel altogether. Cyprus too, has been facing severe power shortages since a disaster at a production plant last year. Following the incident, local authorities had to bring old plants back online in order to meet local needs. Also, Europe as a whole is expecting power shortages in the wake of Germany’s decision toshut down all of its nuclear power plants due to Japan’s Fukoshima disaster.