NEWS

Greece-Cyprus-Israel pact seen creating many benefits

Cypriot President Nicos Anastasiades (center), Israeli Prime Minister Benjamin Netanyahu (left) and Greek Prime Minister Alexis Tsipras shake hands at the Presidential Palace in Nicosia, Cyprus, on Thursday.

TAGS: Diplomacy, Cyprus, Energy

Greek diplomatic sources said on Friday that a cooperation agreement signed in Nicosia between the leaders of Greece, Cyprus and Israel could lead to significant political and economic developments.

The Nicosia Declaration followed Thursday’s trilateral summit between Greek Premier Alexis Tsipras, Cypriot President Nicos Anastasiades and Israeli Prime Minister Benjamin Netanyahu. While it covered a number of areas of potential cooperation between the three countries, which made it clear that Turkey and Egypt could join the group, Greek sources focused on the potential economic gains from the three signatories working together in the energy sector.

The pact seeks the relaunch of the East Med gas pipeline project, which aims to connect Israeli gas deposits with European networks via Cyprus and Greece. It also puts forward the possibility of LNG plants being built in Greece.

On the political front, Greek diplomatic sources believe that Athens and Nicosia can both play a significant role in strengthening relations between the European Union and Israel but also serve as mediators between Israel and the Palestinians with the aim of rekindling peace talks.

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