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03.04.2012

Greece And Israel Eye Gas Exports In Future

AP reported that energy ministers from Greece, Israel and Cyprus promised to increase cooperation to exploit natural gas deposits in the Mediterranean but warned that large scale exports could take a decade.

Greece, whose economy has been ravaged by a financial crisis, hopes to eventually start its own gas production and act as a transit point for supplies from Israel and Cyprus. It has no plans however to abandon more advanced gas projects it is involved with in Azerbaijan and Russia.

Mr Neoklis Sylikiotis industry minister of Cyprus said that the three countries were more likely to share gas-produced electricity using undersea cables, before exports were possible. With the most modest calculations, a period of eight years or more is required for exports. Undersea gas pipelines are a more difficult process, but of course laying undersea electricity cables is easier.”

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