As much of Europe spent the last month worrying about what might happen if Russia decided to shut the valve on its gas supply, Athens has apparently decided the time is right to push a new energy role. This week, Greece’s Energy Ministry launched an international tender for a pipeline project that would transport about 8 billion cubic meters of gas into the European market from offshore fields controlled by Cyprus and Israel. According to a Reuters report, the project would link Israel’s Leviathan natural gas field to Europe by way of Greece through the IGI-Poseidon pipeline, managed by Italy’s Edison and Greece’s state-backed utility, DEPA. For Israel, the pipeline would provide the country’s first long-distant export option. Israel has recently announced a series of export agreements for its offshore efforts, 40 percent of which is allotted for sale outside of the country. However, so far, they have all been local, including sales to Jordan, Palestinian utilities and talks with both Egypt and Turkey. For Greece, a successful pipeline would help them carve out a long-sought energy role in the area. Over the last three years, Athens has made a concerted effort to lay claim to the Eastern Mediterranean's recent energy rush, both as a potential transport hub for Israeli and Cypriot gas reserves and as a producer itself. The latter role, which has included studies suggesting offshore reserves near Crete, has failed to catch fire beyond political rhetoric. Meanwhile, after this week, it appears the country’s transport aspirations may have some potential. Europe’s Diversification Key? The transmission line would create a direct line between the Eastern Mediterranean’s vast offshore reserves and a European market in need of energy diversification - a goal that has become central to the region’s energy policy since 2009. That year saw Russia halt natural gas imports to Ukraine in the cold winter months, leading to shortages across East Europe.
Reported by Forbes.com 10 hours ago.
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