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Reuters reported that Israel will likely focus on Egypt as a trade partner while putting plans to pump gas to an export plant in Cyprus on the backburner.
Reuters reported that Israel will likely focus on Egypt as a trade partner while putting plans to pump gas to an export plant in Cyprus on the backburner.
The country has signed energy deals with Jordan and the Palestinian Authority in recent months, and increasing demand and growing population in nearby Egypt have opened a window for Israel to access the Asian market.
As quoted in the publication:
A Cypriot LNG export plant was due to deliver at least 5 million tonnes a year to Europe and Asia, allowing Europe to reduce its growing dependency on Russia, which has become of particular concern since the crisis in Ukraine cast a Cold War chill over East-West relations. Israel’s new plans throw Cypriot developments into doubt as investors would require more gas than Cyprus has on offer to make returns on multibillion-dollar investments.