File - In this Sunday, Oct. 15, 2017 file photo, a drilling platform is seen outside from Larnaca port, in the eastern Mediterranean island of Cyprus. (AP Photo/Petros Karadjias, File)
Your feedback is important to us!
We invite all our readers to share with us their views and comments about this article.
Disclaimer: Comments submitted by third parties on this site are the sole responsibility of the individual(s) whose content is submitted. The Daily Star accepts no responsibility for the content of comment(s), including, without limitation, any error, omission or inaccuracy therein. Please note that your email address will NOT appear on the site.
Alert: If you are facing problems with posting comments, please note that you must verify your email with Disqus prior to posting a comment. follow this link to make sure your account meets the requirements. (http://bit.ly/vDisqus)
An ownership squabble over Cyprus' main natural gas field is threatening to delay multibillion-dollar plans to turn the eastern Mediterranean into a major energy hub. Israeli Prime Minister Benjamin Netanyahu and Energy Minister Yuval Steinitz are flying to Cyprus Tuesday to spur plans to join the two countries' electricity grids and construct a pipeline to link newly found gas fields to mainland Europe.At stake is 7-10 billion cubic meters of gas worth close to $1.5 billion, according to one recent estimate in Israel. That is less than 10 percent of Aphrodite's total reserves and a fraction of the gas already discovered in Israel. Israel says it will not give up on the gas and the companies operating on the Israeli side are ready for legal action in case Aphrodite is developed without them.The Aphrodite partners would not comment on the dispute, though a footnote in Delek's 2017 financial report stated that "the vast majority" of gas was in Cyprus and a "minority" was in the adjacent Yishai prospect on the Israeli side.
FOLLOW THIS ARTICLE