Greece, Cyprus and Egypt are stepping up efforts to develop a major eastern Mediterranean energy corridor that could bring Cypriot natural gas to European markets while avoiding the Strait of Hormuz and the Red Sea.
The proposed route would transport gas from Cyprus’ offshore Cronos field to Egypt by pipeline. The gas would then be liquefied at Damietta and shipped to Europe, with deliveries targeted to begin from 2028.
Greece could play a further strategic role by serving as a gateway for the gas into southeastern Europe and the Balkans.
The project received a major boost after Italian energy company Eni awarded an engineering contract valued at up to $750 million to support the infrastructure needed to develop the gas route.
Europe seeks new energy routes
The plans come as European countries continue efforts to diversify their energy supplies and reduce dependence on Russian gas.
The proposed eastern Mediterranean corridor could also offer an alternative to LNG supplies from the Gulf, which rely heavily on maritime routes through the Strait of Hormuz.
The strategic importance of alternative routes has increased amid heightened tensions surrounding the Gulf and the wider Middle East following the outbreak of war with Iran.
At the same time, the European Union is moving towards a complete phaseout of Russian gas imports, increasing pressure to secure alternative sources.
The energy cooperation between the three countries extends beyond natural gas.
Greece and Egypt are also pursuing plans for a Mediterranean undersea electricity cable that could connect Egypt’s renewable energy generation with Greece and, potentially, the wider European electricity network.
The project could allow renewable electricity produced in Egypt to reach European consumers while strengthening energy links between the eastern Mediterranean and Europe.
Turkey watching eastern Mediterranean developments
The plans also carry significant geopolitical implications.
Turkey disputes aspects of the maritime boundaries and energy rights claimed by Greece and Cyprus and considers parts of the eastern Mediterranean waters involved in regional energy projects to fall within its continental shelf.
The deepening energy partnership between Athens, Nicosia and Cairo is therefore likely to attract close attention from Ankara as the three countries seek to establish the eastern Mediterranean as an increasingly important energy corridor for Europe.
With Cyprus’ gas resources, Egypt’s LNG infrastructure and Greece’s position as an energy gateway into the Balkans, the three countries are seeking to build a route that could become increasingly important to Europe’s energy security from 2028 onwards.
SOURCE: greekcitytimes.com