Israel, Greece, Cyprus mull energy corridor

The object is to facilitate future gas exports to Greece from Israeli and Cypriot reserves.

Israel, Greece and Cyprus are to set up working groups to examine the possibility of a power cable and an energy corridor connecting the countries. This was agreed at a meeting held today in Cyprus between Minister of Energy and Water Resources Uzi Landau, the Cypriot minister of industry and commerce and the Greek deputy energy minister.

The energy corridor is intended to enable future exports of gas from Israeli and Cypriot reserves to Greece via a pipeline, liquefaction installation, or other technology. At the meeting, Landau said that Israel's policy on gas exports had still not been determined, and was waiting on adoption by the government of the Tzemach committee recommendations.

Some progress was made on the subject of the power cable: Israel Electric Corporation, in cooperation with the Public Power Corporation of Greece, is carrying out a feasibility study with the aim of establishing whether laying a power cable is a worthwhile project, economically and from an energy point of view, for Israel.

Israel is considered an energy island, in that its national power grid benefits from no back-up from the grids of neighboring countries. This situation obliges Israel to over-invest in order to ensure back-up and reserves for the system. The cable is supposed to pass via Cyprus and Crete, and from there to mainland Europe.

Landau's foreign affairs adviser Sagi Karni said, "For the first time, we are entering upon a trilateral operating model that brings in the Greeks as well. The intention is to try to expedite the talks."

Published by Globes [online], Israel business news - www.globes-online.com - on November 8, 2012

© Copyright of Globes Publisher Itonut (1983) Ltd. 2012

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