Cyprus, Israel and Greece agree to deepen cooperation in the field of energy

Cyprus, Israel and Greece agree to deepen cooperation in the field of energy

Cyprus, Greece and Israel agreed during a summit held in Nicosia on Monday to deepen regional cooperation in the field of energy to focus on exports to Europe, especially natural gas and renewable energy sources.

A joint statement following the meeting said, "We agreed that the energy sector, especially natural gas, electricity, and renewable energy, is a solid basis for cooperation in the region."

The statement was issued after Cypriot President Nikos Christodoulides met with Israeli Prime Minister Benjamin Netanyahu and Greek Prime Minister Kyriakos Mitsotakis within the framework of the ninth trilateral summit of the three countries.

The three countries established their regional partnership, which has been ongoing for eight years, on the energy wealth of the Eastern Mediterranean and securing supplies to Europe.

Israel is already exploring offshore gas reserves, while Cyprus has energy resources that have yet to be extracted. The two countries are seeking to unify their efforts to export natural gas to the European mainland.

The leaders stated that they are seeking to support “synergy in the energy field,” such as establishing an electrical interconnection project between the three countries and a possible natural gas pipeline, according to the joint statement.

The statement added, "We emphasized the common interest in enhancing the prospects for reliable transit of energy from the Eastern Mediterranean Basin to Europe."

Netanyahu pointed out that Israel and Cyprus are working to export gas reserves from his country to Europe via the island.

Nicosia is considering building a pipeline to transport natural gas at sea from Israel to Cyprus, where it will be used to power electricity generators or liquefied and later transported on ships.

Netanyahu said, "We are looking into the possibility of cooperation in this field, and I believe that these decisions will be made in the next three to six months. Three months is probably the closest period."

Cyprus, Greece and Israel are also involved in building the longest and deepest 2,000 MW undersea cable called the EuroAsia Interconnector, linking the electricity grids of the three countries to the European mainland.

Mitsotakis emphasized that the energy issue is linked to "common interest."
"We therefore have a great interest in seeing how Cypriot gas will be exported to the European Union and respecting the solutions that have the blessing of both governments, which will also be tested in the markets," he said.

Christodoulides stated that the three leaders also discussed cooperation with India and ways in which they could benefit from "the momentum achieved by the unprecedented Abraham Accords."

A joint statement also stated, “Strengthening and expanding the circle of peace between Israel and the Arab world, something that would have been unthinkable only a few years ago, promises a more secure and prosperous region, and we are committed to encouraging and supporting this process.”

The United Arab Emirates, the United Arab Emirates, Bahrain, and Morocco agreed to normalize relations with Israel under the “Abraham Accords” concluded in 2020 under American auspices. Before that, Israel did not establish official relations with Arab countries other than Egypt and Jordan.

The summit was held on Monday amid growing speculation about the possibility of normalizing relations between Israel and Saudi Arabia, which did not sign the “Abraham Accords.”

Next year, Israel is scheduled to host the next meeting of the leaders of the three countries, according to a statement Monday.