Greece, Egypt, Cyprus sign energy deal with Europe in mind

Web Desk BOL News

20th Oct, 2021. 11:25 am
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Fuel cost for power generation increased 65 per cent to Rs6.80/KWh, mainly due to a rise in RLNG, coal, furnace oil, gas and HSD-based cost of generation. Photo: File

ATHENS: Greece, Cyprus and Egypt have signed an electricity agreement that could include Egyptian solar power and potentially supply power to other European countries, Arab News reported.

The protocol was signed during a meeting between Greek Prime Minister Kyriakos Mitsotakis and the presidents of Egypt, Abdel Fattah El-Sisi, and Cyprus, Nicos Anastasiades, in Athens.

The deal concerns the “interconnection” of the neighbors and transfer of electricity to their respective networks, Mitsotakis said.

“As energy sources diversify, Egypt can become a supplier of electric power, which will be mainly produced by the sun, and Greece will become a distribution station for Europe,” Mitsotakis added.

The announcement comes as countries around the world face an energy crisis, with the prices of natural gas, oil and coal rising.

El-Sisi said the agreement aims to “reinforce energy cooperation.”

In a joint statement, the Mediterranean neighbors said: “This interconnection reinforces cooperation and energy security, not only between these three countries but also with Europe.”

“It will be a way to transfer important quantities of electricity from and to the eastern Mediterranean,” the statement said.

The three countries also expressed their intention of exploring and transferring natural gas in the region.

Energy cooperation between eastern Mediterranean countries regularly irritate Turkey, which has its eyes set on oil and natural gas deposits in the region.

“Unfortunately, Ankara does not understand the message of the times and its aspirations to the detriment of its neighbors are obviously a threat to peace in the region,” Mitsotakis said.

Tensions soared last year when Turkey sent an exploration ship and small navy flotilla to conduct research in waters that Greece considers its own under treaties.

The Turkish foreign ministry later Tuesday lambasted the joint statement as another example of the “hostile policy” toward Turkey and Turkish-held northern Cyprus.

While Ankara supported energy projects which “increased cooperation between regional countries,” the ministry stressed that Turkish and northern Cyprus’ rights and interests “should not be ignored by these projects.”

Cyprus has been divided since 1974 when Turkey seized the north in response to a coup orchestrated by an Athens-backed junta seeking to annex the island to Greece.

Despite attempts this year to normalize relations with Egypt after falling out in 2013, the Turkish ministry also criticized Cairo’s cooperation with Greece and Cyprus.

“The inclusion of Egypt indicates that the Egyptian administration has not yet grasped the real address where it can cooperate in the eastern Mediterranean,” it added in a written statement.

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