Cypriot-Israeli gas synergy ‘mutually beneficial’

Written by on August 9, 2013 in Europe - No comments

The official invitation by President Anastasiades to the Israeli government to use the Liquefied Natural Gas (LNG) facility that will be constructed in Cyprus in the next few years for its gas exports has been greeted positively outside the two countries.

Christopher Coats, an international analyst on energy and policy issues in the Mediterranean, described it as mutually beneficial. “For Israel, it allows them to export their gas through a relatively politically stable country with EU backing and to adjust their product towards demand with more ease than consistent pipelines to the European or Asian markets might allow. For Cyprus, it provides a vote of confidence for their downstream plans, something needed if they want to pursue building beyond the initial LNG facility,” he told IBNA.

The energy MoU signed by Cyprus, Israel and Greece was hailed as “historic”, as it creates a new common energy field in the Mediterranean in an era of unpredictability and renewed tensions. It was not a surprise that Greek Prime Minister Samaras made a special effort to include the new energy landscape in the area in his talks with President Obama. The USA are already involved in the developments through the active participation of Noble Energy in what is going on both in Israel’s and Cyprus’s exclusive economic zones.

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(Photo: Nasa)

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