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ENERGY > Gas discovery cements ties between Greek Cyprus, Israel

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Greek Cyprus and Israel boost ties as both sides underline hydrocarbons. ‘Both countries have common blessing: hydrocarbons,’ says Anastasiades

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Greek Cypriot President Nicos Anastasiades lays a wreath during a ceremony in the Hall of Remembrance at the Yad Vashem Holocaust memorial in Jerusalem. Anastasiades said his country is the most reliable neighbor of Israel. REUTERS photo

Greek Cypriot President Nicos Anastasiades lays a wreath during a ceremony in the Hall of Remembrance at the Yad Vashem Holocaust memorial in Jerusalem. Anastasiades said his country is the most reliable neighbor of Israel. REUTERS photo

Greek Cyprus and Israel cemented ties with the latest visit of President Nicos Anastasiades to Jerusalem. 

Greek Cypriot President Nicos Anastasiades said May 7 his country was the most reliable neighbor of Israel and the discovery of hydrocarbons in the Mediterranean Sea created new prospects for relations between the two countries. 

“We are inaugurating a new era in relations between our two countries,” Anastasiades said during a working lunch hosted by Israeli President Simon Peres in Jerusalem. 

“The two countries are committed to collaborating - we have historic ties and a common culture, but also a common blessing that are the hydrocarbons.” 

Turkey finds unacceptable a loan method for debt-hit Greek Cyprus providing natural resources in the Eastern Mediterranean as a guarantee. 

Turkish officials say the resources around the island belong to all the people living on the island, within the framework of international law.

Israel has discovered at least 24 trillion cubic feet of natural gas in two marine blocks. Greek Cyprus is in the process of confirming the discovery of about 7.5 trillion cubic feet of gas in a block adjoining one of Israel’s gas fields. Further exploratory drillings are expected soon by an Italian ENI and South Korean Kogas consortium and by French company Total.

‘Without Cyprus, Israel is far away from Europe’

For his part, Peres said the two countries were linked in many ways. “Without Cyprus, Israel is far away from Europe. We regard Cyprus as a close friend, both politically and geographically,” he said. 
Anastasiades said Greek Cyprus’ decision to press forward with plans to build an onshore liquefied natural gas (LNG) plant on the divided island, located “opposite the Suez Canal,” affords interested parties the opportunity to make use of this infrastructure to export gas to the Far East and to Europe.
Greek Cyprus proposes that the two countries pool their natural gas reserves with a view to exporting the fuel via a mooted LNG facility on the island. 

The Greek Cypriot energy minister said that only by combining their forces would Israel and Greek Cyprus be able to make a significant dent in the global natural gas economy. “We feel that through a close collaboration with Israel we will be able to be a major player in the world energy market, something that might be too hard for each country to achieve individually,” said Energy Minister Yiorgos Lakkotrypis.

Greek Cyprus also intends to conclude agreements with Tel Aviv on energy security and a unitization deal, paving the way for exploitation of cross-border natural gas and oil reserves.

May/09/2013

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READER COMMENTS

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mike alexander

5/10/2013 7:45:54 PM

LEVENT HUSEYIN, Since when the reference to the name Islamabad has become an insult to the Pakistani people ? Also note that Pakistan lives from my country's pockets for years now. Regards.

cemal ahmet

5/10/2013 3:05:10 PM

no creditors are available to provide a loan method/facility regarding the present unproven-undeveloped propspective resources, not from this planet.CYP sold further exploration licenses ( granted/awarded ) to ENI, Total, Kogas and the contracted block(s) belongs to the licence holders and added to their exploration portfolios as "ASSETS" over the next 25 years.CYP has no "ASSETS" to sell and has no bookable gas reserves to raise money.What an irrational claim?Another scam.ALL are SPECULATION.

cemal ahmet

5/10/2013 2:27:09 PM

CYP will only benefit 25% of TAX/ROYALTY + profit sharing ( if any (after cost, equity, and tax), is shared between the parties ) from the produced oil/gas under the terms of production sharing contract with respect to contract area and this is a common practise in the industry between the parties & a host country regarding the % of production IF such oil/gas can by itself be commercially produced.Nobody buys the porous/permeable sands or sand intervals from the subsurface,not from this planet

cemal ahmet

5/10/2013 12:16:40 PM

Oh dear,Turkey & Turkish officials are either playing blinder or a no brainer.What a loads of ambiguity?are they in the mood of complexity?dont they know the present legal international law re-GC EEZ (UNCLOS-16(2)) where the TCs are not included? don't they know there is no such a facility of a loan method for a host country & not a common practise in the industry until IF such oil/gas can by itself be commercially produced ?only the licence holders has rights to explore&produce and marketing .

Falk Bernard

5/10/2013 12:47:46 AM

*Greek Cypriots have called their hydrocarbon field "Aphrodite", a name from the Greek myths/fairy tales. Probably Israel is going to be fooled too. *@Alexander, talking about UK: in Northern Ireland Christians were busy killing each other en masse.

turkic voice

5/10/2013 12:04:40 AM

nothern cyprus should re name there half of the island, seek independent recognition as a seperate state on the island, lets name our side Atlantis.....

Chris Green

5/9/2013 10:16:00 PM

Mr Alexander once again displaying the levels of his knowledge in a region he not only he is far removed from geographically but also in terms of facts and reality. If there is no synergy between what passes for Christianity in south Cyprus and Islam, surely there is even less such synergy Christians and Judaism as practised in their ally of convenience, Israel!

Vargen Vargen

5/9/2013 10:15:07 PM

Dorus. I am sad to say that you are right. Our foreign policies have, since Davatoglu took office, been a never ending string of strategic mistakes. It will tak decades to repair the damage and to make Turkey to be seen as trust worthy again.

LEVENT HUSEYIN

5/9/2013 9:28:17 PM

@mike alexander the economy of Pakistan puts Greece to an imbarresing position and also 5 thousand year old Greece cannot survive without the German pocket. Greeks like yourself are in no position to insult Pakistanis.

Cyprus Refugee

5/9/2013 7:52:46 PM

We read the same comments over and over again of Cypriots complaining about the current painful status in Cyprus and many others with no skin in the game showing their "arrogance" and misinformation on this site. But we have to move on... the discovery of the gas resources off Cyprus changes the total picture of the region. It will be in the best interests of all the countries in the region to move on to the 21st century/cooperate to make the most out of these discoveries for the common good.
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