Israel’s EAPC pipeline company says it will bring UAE oil to Europe in new deal

Israel's EAPC pipeline company says it will bring UAE oil to Europe in new deal

Israeli pipeline company EAPC said on Tuesday it 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 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.

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