Israel, Greece, Cyprus discuss East Med energy cooperation
- September 5, 2023
- Posted by: Quatro Strategies
- Categories: Business & Politics, Europe, Middle East, Oil & Gas
Leaders from Israel, Greece, and Cyprus have reaffirmed their commitment to deepening energy cooperation in the Eastern Mediterranean. The region has experienced significant natural gas discoveries in the past decade, particularly off the coasts of Israel and Egypt. Recent geopolitical developments, including Russia’s invasion of Ukraine, have increased interest in diversifying Europe’s energy sources.
During a tripartite summit in Nicosia, Israeli Prime Minister Benjamin Netanyahu, Greek Prime Minister Kyriakos Mitsotakis, and Cyprus’ President Nikos Christodoulides discussed the potential for exporting East Mediterranean gas to Europe and connecting electricity grids. They emphasized the importance of energy diversification and increased interconnectivity, especially in Europe.
One proposal under consideration involves the creation of a short pipeline linking Israel’s gas fields in the East Mediterranean to a liquefaction facility on Cyprus. This facility could then export liquefied natural gas (LNG) to European markets, offering a more reliable energy supply route.
Additionally, the leaders expressed enthusiasm for the EuroAsia Interconnector project, a subsea electricity cable backed by the European Union. The project aims to connect the electricity grids of Israel and Cyprus to Greece, with a capacity of up to 2,000 megawatts. This interconnection would enhance energy security and help meet Europe’s growing demand for electricity.
The leaders also highlighted their strong economic ties, with Netanyahu mentioning their shared appreciation for each other’s food products. He noted Israel’s intention to open its dairy market to Greek and Cypriot imports, fostering greater economic collaboration between the nations.
Overall, the summit signaled a commitment to regional cooperation in the energy sector, with a focus on leveraging the East Mediterranean’s energy resources to enhance energy security and meet Europe’s energy needs. The leaders anticipated making important decisions regarding gas exports and infrastructure development in the coming months.
Interested in learning more?
Sign up for Top Insights Today
Top Insights Today delivers the latest insights straight to your inbox.
You will get daily industry insights on
Oil & Gas, Rare Earths & Commodities, Mining & Metals, EVs & Battery Technology, ESG & Renewable Energy, AI & Semiconductors, Aerospace & Defense, Sanctions & Regulation, Business & Politics.
Read more insights
EV geopolitics intensify as U.S. seeks to break China’s hold on graphite
The U.S. Department of Commerce has issued a preliminary ruling that could dramatically reshape the electric vehicle (EV) battery supply chain by imposing anti-subsidy duties on imports of active anode materials—particularly graphite and silicon—originating from China. This marks a significant escalation in the Biden-Trump era push to counter Beijing’s state-backed dominance in clean energy inputs and reassert American industrial competitiveness in the energy transition.
Announced Tuesday, the decision follows a formal petition filed by U.S. graphite producers alleging that Chinese state subsidies were distorting the market, undercutting domestic suppliers, and threatening the viability of a domestic EV supply chain. The move is an early but pivotal milestone in a broader trade enforcement process that could lead to steep countervailing duties later this year.
Interest for natural hydrogen prospects growing in various countries
In recent years, there has been growing interest in natural hydrogen, also known as white or gold hydrogen, which is produced from subsurface geologic accumulations. Once believed to be non-existent or inaccessible, reserves have been discovered in various countries.
China’s foreign investment slump continues for fourth straight month
In April, foreign investment into China continued its downward trend for the fourth consecutive month, highlighting Beijing’s ongoing struggle to attract more overseas funds to bolster its slowing economic growth. According to calculations based on figures provided by the Ministry of Commerce on Friday…