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.For all the latest headlines follow our Google News channel online or via the app.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.Read more:‘Welcome to Israel’: First UAE delegation received by Israeli PM Netanyahu at airportUAE ministers host US Treasury Secretary Mnuchin, Israeli executives in Abu DhabiUAE Cabinet approves peace deal with Israel
Source: Al Arabiya
Full Article: Israel's EAPC pipeline company says it will bring UAE oil to Europe in new deal
