The article says the pipeline would run underwater from Turkey to Israel then overland to the Red Sea port. That route would mean it is fairly secure and would cut huge amounts of transit time for tankers on their way to the far east with this oil.
red sea port? you mean the northern tip of the gulf of aqaba, right between egypt and jordan, with saudi just a bit further down on the east?
http://news.bbc.co.uk/olmedia/1480000/images/_1481960_gulf_of_aqaba3.gif
There are two problems as I see it, and I do support the idea of the pipeline. I still see sabotage as an issue. I also see Israel's growing dependence on water and power from this pipeline, to open it up to blackmail or severe shortages as dependence grows and service interruption looms.
