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Israel and Turkey signed a memorandum of understanding last week authorizing a feasibility study of a $4 billion pipeline from the Black Sea to the Red Sea.
The memorandum was reached during a meeting in Jerusalem between National Infrastructure Minister Binyamin Ben-Eliezer and visiting Turkish Energy Minister Hilmi Guler.
Plans call for four pipelines to be built in the Mediterranean Sea, one each for crude oil, natural gas, water and electricity.
The pipeline will be an extension of the 550-km. Samsun-Ceyhan pipeline that transports Russian and Caspian basin crude oil from the Black Sea to the Mediterranean.
Turkish officials said that the pipeline will run to Ashkelon and then to Eilat, where it will then open up markets to Asia.
The feasibility study is expected to cost $40 million and be ready in eight months.