Israel, Cyprus and Greece Mull Energy Pacts to Tap Regional Gas
(Reuters) — The leaders of Israel, Greece and Cyprus pledged to deepen their energy cooperation on Monday and explore ways to get East Mediterranean gas to Europe, as well as connect electricity grids.
The eastern Mediterranean has yielded major gas discoveries in the past decade, mostly off Israel and Egypt, with interest rising since Russia's invasion of Ukraine hit flows to Europe.
"We will have to decide soon about how Israel exports its gas and the same decisions have to be made by Cyprus. We are looking at the possibility of cooperating on this," Israeli Prime Minister Benjamin Netanyahu told reporters in Nicosia after a tripartite summit with Greek Prime Minister Kyriakos Mitsotakis and Cyprus' President Nikos Christodoulides.
"Those decisions will be made, I think, in the next three to six months, probably closer to three months," he said.
Earlier this year Cyprus suggested expediting gas to market by the creation of a short pipeline linking Israel's east Mediterranean gas fields to a liquefaction facility on Cyprus, which could then be shipped to Europe.
"We agree that natural gas and renewable energy is a prime pillar of cooperation in the region, especially in light of the recent geopolitical developments," Christodoulides said. "Especially in Europe (it) dictates the need for energy diversification and increased interconnectivity," he said.
Netanyahu said Israel was also "eagerly pursuing" being part of a planned subsea electricity link, the EuroAsia Interconnector. The EU-supported subsea cable is envisaged to carry up to 2,000 megawatts of electricity to eventually link grids from Israel and Cyprus to Greece.
"We would like to have it connected obviously to Israel, and possibly to the east of Israel," Netanyahu said.
Related News
Related News
- Trump Aims to Revive 1,200-Mile Keystone XL Pipeline Despite Major Challenges
- Phillips 66 to Shut LA Oil Refinery, Ending Major Gasoline Output Amid Supply Concerns
- Valero Considers All Options, Including Sale, for California Refineries Amid Regulatory Pressure
- ConocoPhillips Eyes Sale of $1 Billion Permian Assets Amid Marathon Acquisition
- ONEOK Agrees to Sell Interstate Gas Pipelines to DT Midstream for $1.2 Billion
- U.S. LNG Export Growth Faces Uncertainty as Trump’s Tariff Proposal Looms, Analysts Say
- Tullow Oil on Track to Deliver $600 Million Free Cash Flow Over Next 2 Years
- Energy Transfer Reaches FID on $2.7 Billion, 2.2 Bcf/d Permian Pipeline
- Polish Pipeline Operator Offers Firm Capacity to Transport Gas to Ukraine in 2025
- Macquarie, Dow Launch $2.4 Billion Gulf Coast Pipeline Infrastructure Partnership
Comments