Israel mulls gas pipeline projects to Turkey, Greece

PanARMENIAN.Net - Israel is looking to exploit its substantial natural gas reserves with two potential pipeline projects to Turkey and Greece, the Energy Minister announced, according to Times of Israel.

“If things improve with Turkey… gas could both be sold to Turkey, and to Greece via Turkey,” Yuval Steinitz said.

Israel and Turkey have reportedly been working on a rapprochement after falling out over the storming by Israeli commandos in 2010 of a Turkish flotilla to Gaza.

Steinitz added: “If important reserves are discovered in Israel and Egypt, or even in Egypt, this could justify the construction of a long pipeline to Greece.”

“At first we estimated that this would cost $15 billion, which is prohibitive. Now new estimates reduce this to around seven billion dollars,” he said.

At a three-way summit in Nicosia last month, Prime Minister Benjamin Netanyahu said Israel, Greece and Cyprus would form a committee to study plans to build a pipeline between Israel and Cyprus and on to Greece.

Israel has been trying to extract offshore gas since the discovery of the Tamar and Leviathan fields in 2009 and 2010.