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FINANCIAL NEWS
Egypt, Greece, Cyprus to boost energy cooperation
09 Nov 2014
(MENAFN) Egypt, which is facing its worst power crisis, said it is planning to boost its energy cooperation with Greece and Cyprus, The Peninsula Qatar reported.
Egypt said that the three countries have been discussing boosting cooperation in the field of energy, as well as deepening the ties between the three states, who are challenging Turkey’s efforts to chart gas deposits in areas of the east Mediterranean claimed by Cyprus.
Egypt, which badly needs natural gas imports, has been unable to find good import deals with allies like Russia and Algeria at least partly because it lacks re-gasification technology needed to import liquefied natural gas (LNG).
The countries also said that they are interested in working to strengthen cooperation on a number of issues, including a solution to Cyprus’ decades-old partition along the ethnic lines of its Greek and Turkish Cypriot populations which has implications for gas reserves that Cyprus is keen to develop to the south of the Mediterranean island.
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