Greece, Israel and Cyprus eye future gas exports

Energy Ministers from Greece, Israel and Cyprus say they will increase cooperation to exploit natural gas deposits in the Mediterranean, but warned that large-scale exports could take a decade.

Greece, whose economy has been ravaged by a financial crisis, hosted a meeting near Athens Wednesday. The country hopes to eventually start its own gas production and act as a transit point for Israel and Cyprus, but said it has no plans to abandon more advanced gas projects it is involved with in Azerbaijan and Russia.

Cypriot Industry Minister Neoklis Sylikiotis said the three countries were more likely to share gas-produced electricity, using undersea cables, before exports were possible.

(Associated Press)

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