The gas pipe from Russia to Turkey will be extended to reach Israel, Russian President Vladimir Putin announced last week while inaugurating the pipe's final stop in Turkey, according to Israel's leading newspaper Yedioth Ahronoth.
The ceremony was also attended by Turkish Prime Minister Recep Tayyip Erdogan and Italian Prime Minister Silvio Berlusconi. Italy has also taken part in the project.
The pipe was placed by Gazprom, Russia's state gas company. Gazprom has attempted in the past to participate in tenders for natural gas exploration along Israel's coast, however they have proven unsuccessful.
'Israel welcomes decision'
Infrastructure Ministry Director-General Eli Ronen said in response that Israel welcomes the Russian-Turkish-Italian decision.
"We hope that Israel will thus become a leading player in the Middle East's energy industry," he added.
Meanwhile, an oil pipe will also be built from Russia to Jihan in southern Turkey, and will continue from there to Israel.
Russia currently transports oil to Israel through shipping containers. Approximately 90 percent of the crude oil purchased by Israel comes from former Soviet Union countries, but the extent of gas purchases from these countries is still minimal.
Russia is considered to be the second largest oil supplier in the world. In addition, more than one-third of the gas in Europe comes from Russia.