GASSING UP: Energy Ministers from Greece, Israel and Cyprus promised Wednesday to increase cooperation to exploit natural gas deposits in the Mediterranean, but warned that large-scale exports could take a decade.
GREECE ROLE: 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.
U.S. ON BOARD: The U.S. welcomed Mediterranean gas finds as a source of diversified energy supply for Europe, a senior U.S. envoy said, urging countries in the region to set aside their long-standing rivalries and do business.
Israel seeks Cyprus base to guard gas zone — Israel is reported to be seeking to deploy fighter aircraft in Cyprus, its partner in developing a natural gas bonanza under the eastern Mediterranean, to protect these vital energy resources. Continue reading