- Gas in Cyprus: blessing or curse? / Data news / News / Home - edjnet
- The German Marshall Fund of the United States
- Israel announces major gas deal with Egypt
Gas in Cyprus: blessing or curse? / Data news / News / Home - edjnet
A second phase is now under development to increase the storage capacity by a further 13 tanks with an additional investment of EURm. Cyprus has the potential to become a regional fuel hub thanks to its strategic location, connecting Europe and the Black Sea with markets in the Middle East and Asia.
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The widening and deepening of the Suez Canal could also significantly increase traffic in the region and bring more opportunities to Cyprus, which is likely to entice more oil product transhipment opportunities to its shores. These developments present a number of potential opportunities to invest in Cyprus, including taking advantage of the unallocated exploration blocks. There may also be opportunities resulting from the storage terminals, and the fact that Cyprus is at the crossroads of major international energy routes.
The German Marshall Fund of the United States
About Contact us Login. Services Insights Locations Members area. Search Results. Cyprus energy developments and investment opportunities Cyprus is becoming a key energy player in the eastern Mediterranean sea region following the recent offshore discovery of natural gas resources. Apart from securing its domestic needs, this would allow Egypt to increase its international standing at a time that reliance on natural gas is growing, especially in Europe. Europe is dependent on imports from Russia but increasing tensions between western European countries and Moscow is making this problematic.
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Egypt has a strong petroleum and gas infrastructure, including several refineries, liquefaction plants and petrochemical factories, which is why it was chosen as headquarters for the EMGF. Turkey, an influential political and military player in the region, has opposed gas exploration off Cyprus in areas it considers disputed waters. Turkish energy experts, including some with close ties to the government, have put forward the idea of Ankara establishing a north-eastern Mediterranean gas forum with Northern Cyprus, Lebanon and Syria.
Israel announces major gas deal with Egypt
However, few say this could be a genuine rival to the EMGF. Amr Emam is a Cairo-based journalist. Eastern Mediterranean Gas Forum a powerful new global player.