Greece, Israel and Cyprus to step up natural gas production

Energy Ministers from Greece, Israel and Cyprus promised Wednesday to increase cooperation to exploit natural gas deposits in the Mediterranean, but warned that large-scale exports could take a decade, Trend reported.

Greece, whose economy has been ravaged by a financial crisis, hopes to eventually start its own gas production and act as a transit point for supplies from Israel and Cyprus. It has no plans, however, to abandon more advanced gas projects it is involved with in Azerbaijan and Russia.

At a meeting near Athens, Cypriot Industry Minister Neoklis Sylikiotis said the three countries were more likely to share gas-produced electricity, using undersea cables, before exports were possible.

"With the most modest calculations, a period of eight years or more is required (for exports)," Sylikiotis told an energy conference at this seaside resort.

"Undersea (gas) pipelines is a more difficult process, but of course laying undersea electricity cables is easier," he added