BRUSSELS, Oct. 14 (Xinhua) -- Leaders of Poland, Baltic countries and the European Commission Thursday signed an agreement to build a gas pipeline between Poland and Lithuania, aiming to "end the long-lasting isolation" of the Baltic region.
The project, dubbed "the Gas Interconnector Poland-Lithuania (GIPL)," is viewed by the EU to be of great significance to integrate its internal energy market. More importantly, it will shore up energy security for Baltic countries which currently rely heavily on gas from Russia.
"The gas interconnector will... bring the energy needed for a new economic dynamism to the region," the Commission said in a statement, adding that the signature was also a breakthrough increasing security of supply and bringing more resilience to the European energy market.
The project will cost 558 million euros (635 million U.S. dollars), will be funded by Baltic states and private investment alongside the Commission's contribution, and is set to start by December 2019.
The gas pipeline will stretch some 357 km in Poland and 177 km in Lithuania. It will be able to deliver 2.4 billion cubic meters of gas a year from Poland to Lithuania, and 1.0 billion cubic meters of gas a year from Lithuania to Poland.
