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Israel, Cyprus and Greece agree on gas agreement: "Opening door for significant investments" | Israel today

2020-01-01T22:44:20.525Z


economy


The three countries will work to deliver a gas pipeline between them and Europe • In the background: the "Mediterranean Law" under which the US pledges to support security and energy cooperation between the seals • "Huge commercial potential for the three countries"

  • Placing the gas pipe in front of Dor Beach // Photo: Michelle Dot Com

Prime Minister Benjamin Netanyahu will take off this morning (Thursday) in Athens, Greece, along with Energy Minister Yuval Steinitz. The two will attend a trilateral summit with Cyprus President Nikos Anastasiadis and Greek Prime Minister Kiryakos Mitsotakis. The three countries will sign the "East - Med" gas pipeline agreement, from Israel, through Cyprus and Greece, to Europe.

This is an intergovernmental agreement, following the Memorandum of Understanding signed in 2017, and a preliminary feasibility study was conducted. The agreement will anchor the commitment of the three countries to the project.

In addition, Prime Minister Netanyahu will hold a series of meetings with Greek Prime Minister Kiriakos Mitsotakis, Greek President Prokofis Pavolopoulos, Cyprus President Nikos Anastasiadis and Greek Foreign Minister Nikos Dandias.

This move is also in line with a new law, recently signed by President Trump, which seeks to increase US involvement in the Mediterranean sector and strengthen cooperation between Israel, Greece and Cyprus. The key goal of the EastMed law is to promote partnerships in the Mediterranean and energy sectors. .

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This law reflects the strategic position of the importance of the security of American partners and allies in the Mediterranean. The law also constitutes a counterweight to Turkey and Libya's intent to make it easier to lay the gas pipeline layout in Europe.

As part of the law, the United States pledges to continue formal engagement with Israel, Greece and Cyprus, to actively participate in energy, maritime security, security, cyber security and infrastructure protection, as well as to support diplomatic efforts to deepen security and energy cooperation, and to encourage the sector. Private investment in energy infrastructure in the Eastern Mediterranean region.

Yuval Steinitz // Photo: Yossi Zeliger

Expect International Partnerships

In addition, the law outlines plans to establish international partnerships between the four states, for example, a joint energy center to be set up in the U.S. Israel-America Chamber of Commerce, Rose encouraged. "We see tremendous commercial and economic potential and have signed a Memorandum of Understanding with our sister bureaus in Cyprus and Greece to strengthen this partnership. The law strengthens the partnership for a strategic economic-security axis."

President of the Americas Chamber of Commerce Harris Kaculis said: "The new law opens the door to meaningful investment options between Israel, Greece and Cyprus, significantly strengthening their efforts to integrate into the global energy map, and future energy cost reductions." The chief executive officer of the Greek-American Chamber of Commerce Nicholas Buckateslow stated: "The law has tremendous economic benefits to the three countries."

Source: israelhayom

All news articles on 2020-01-01

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