Gas prices in Europe are rising due to Ukraine’s refusal to provide transit from Russia. Gas storage facilities in Europe are being emptied at a record speed. Demand is putting pressure on prices. Greek Environment and Energy Minister Thodoros Skilakakis and Israeli Energy Minister Eli Cohen have signed an intergovernmental agreement to promote regional energy stability and innovative energy projects in the Eastern Mediterranean and the European Union (EU), the press service of the Greek department announced.
According to Skylakakis: “The agreement with Israel is an important milestone in the cooperation of the 2 countries on energy issues; Moreover, this agreement could influence the future, as both Greece and Israel are facing the consequences of the climate crisis; For this reason, the creation of a “green” electricity corridor from Israel to the EU through Greece will be a project of strategic importance for the Eastern Mediterranean region.
Recall that Greece, Israel and Cyprus are participating in the Great Sea Interconnector project, formerly called the EuroAsia Interconnector. Its value is estimated at $1.98 billion.
In March 2021, the states participating in the project signed a memorandum of understanding on this project. One of the goals of the project was to integrate Cyprus, the last non-interconnected EU member, into the European electricity transmission system. In 2023, the construction of a cable from Cyprus to Greece via the island of Crete began. In the same year, it became known that the costs of construction materials would exceed the expected volumes. Therefore, the project cost was initially estimated at 1.5 billion euros, later increasing to 1.9 billion euros.
Subsequently, the search for investors began. On December 19, 2024, it was reported that the French company Meridiam would acquire a 49.9% stake in the project, while the Greek grid operator IPTO would retain 50.1%.
An alliance between Israel and Greece also in the function of controlling the Turks who have got their hands on the Syrian plants and which could become an obstacle in the Middle Eastern region, for Israel even if they are now allies in Syria, Ankara which certainly does not boast idyllic relations with Athens.
It is no coincidence that on February 3, the investigation work conducted, after a long pause, for the Great Sea Interconnector, which will connect the electricity networks of Greece and Cyprus, and potentially Israel, attracted the attention of Ankara. Although it took place in the Sea of Crete, north of Crete, Turkey sent a warship to monitor the operations.
The incident occurred on the same day as a scheduled meeting between Greek Foreign Minister Giorgos Gerapetritis and his Turkish counterpart, Hakan Fidan, in Doha. According to diplomatic sources, the Greek side raised the issue, although the answer remains unknown. However, the move signals Turkey’s intentions ahead of the next round of investigations.
According to reports, the Turkish warship, a corvette, the smallest class of vessel considered a full-fledged warship, radioed an Italian vessel conducting the survey, claiming it was conducting searches in waters outside its jurisdiction. The area, located just outside Greek territorial waters north of Crete, is not part of the territorial claims outlined in the illegal maritime memorandum between Turkey and Libya.
Antonio Albanese e Graziella Giangiulio
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