Skip to comments.Cyprus to build gas plant with or without Israel
Posted on 04/08/2013 8:03:36 AM PDT by haffast
NICOSIA, Cyprus (AP) Cyprus' offshore natural gas deposits are enough to warrant the construction of a gas processing plant to export excess supply, regardless of whether Israel decides to be a partner in the project, the island nation's foreign minister said Wednesday.
Ioannis Kasoulides said Cyprus is continuing talks with Israel, which has also discovered its own offshore gas deposits, on ways the countries can best exploit their mineral reserves. Cyprus is particularly keen, hoping its future gas wealth will help pull it out of a crushing economic crisis that has forced it to ask for an international bailout.
One option is to pipe the gas to Cyprus, where it could be processed for export to Europe and beyond. The pipelines and processing facility, which would liquefy the gas for easier transport, are expected to be in place by 2019-20 and cost as much as 10 billion euros ($13.33 billion).
"We must show understanding that Israel is deciding about all these matters in the coming months," Kasoulides told The Associated Press in an interview. Kasoulides said it remains to be seen whether Israel wants to be part of Cyprus' energy plans, but that the construction of the plant "will take place anyhow."
Another unpredictable factor is Turkey, which doesn't recognize Cyprus as a sovereign country and strongly objects to its gas search, and which has had troubled relations with Israel.
Cyprus was split into an internationally recognized Greek Cypriot south and a breakaway Turkish Cypriot north in 1974, when Turkey invaded after a coup by supporters of union with Greece. Turkish Cypriots declared an independent state in 1983, but is only recognized by Turkey which maintains 35,000 troops there.
Israel recently apologized to Turkey......
(Excerpt) Read more at townhall.com ...
"Israel has the upper hand right now in terms of development and production, but it lacks the infrastructure without Turkey.
Israel was originally hoping to lay a pipeline that would traverse both Cyprus and Turkey, but there are too many political pitfalls to this plan (whichwould essentially mean a final resolution to the Turkey-Cyprus spat). The ideal would have been a pipeline that connects all the Levant Basin resourcesincluding Lebanon, Israel, Cyprus and Turkeybut this is the stuff of geopolitical dreams.
In the end, it is shaping up that an Israel-Turkey pipeline is not only possible, but coming to fruition."
"Windows and doors are closing". Kerry negotiating price now. Obamites to bring "peace and security" to Israel. What a legacy!
I also believe that it may be a mistake to spend money to export LNG as the liquefaction plants are very expensive, very fragile in a terror enviroment, and its looking like there will be a glut on the market in the future as fracking spreads through the industry.
My bet would be to quietly develop the fuel source for the use of the Nation and expand business from the source of cheap fuel. Israel has always had to compete with Europe while paying much higher oil prices. Just developing the infrastructure to take advantage of Natural Gas could put and afterburner on the economy.
Israel should use its Natural Gas for Israel, and invest in itself. (IMHO)
"Israel will become a net exporter of gas."
Israel imports goods. They need to export goods to balance their trade. They have something else to sell now.
Now the US needs to convince them to sell their oil/gas in USD and not say, the Euro, like the arrangement we have with the Arab countries. Through the "Petro-dollar" system, we will be able to pay on our debt with cheaper and cheaper inflated paper money. Cha-ching! It's a Win-Win for someone besides you and I.
Of course, we'll have to help Israel defend their sitting targets, but what's a few more body bags anyway? It's the American way.
"Peace and Security"