May 20, 2013, 18:13:22

Greece, Israel, Cyprus to boost energy investment

Greece enhanced collaboration with Israel and Cyprus on energy investments to explore ways to exploit natural gas reserves in southeastern Mediterranean Sea during a two-day forum on 28-29 March. A trilateral memorandum in the fields of electricity and natural gas is due to be sealed in the near future. "The axis of Greece, Cyprus and Israel could provide an anchor of stability," Israel’s Minister of Energy & Water Resources Uzi Landau said, highlighting the geostrategic significance of energy exploitation for the wider region.

Asked about Turkish reactions to the exploration projects over the past year, Greece’s Enevironment, Energy & Climate Change Minister George Papaconstantinou and Cyprus Commerce, Industry and Tourism Minister Neoklis Sylikiotis stressed that Greece and Cyprus exercise within the framework of international law their sovereign rights to exploit natural reserves. "The geostrategic goal of the Republic of Cyprus is to turn Cyprus into an energy hub of the Mediterranean," Sykiliotis said.

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