Turkey may act if Greek Cyprus tries to monopolize gas reserves in bailout

Greek Cypriot Finance Minister Michael Sarris has identified the divided island's offshore gas riches as one area in which Russia could invest.

Turkey may act if Greek Cyprus tries to monopolize gas reserves in bailout

World Bulletin / News Desk

Turkey could challenge any move by Greek Cyprus to speed up offshore natural gas exploration as a way of attracting investment to save its teetering economy, senior Turkish officials said on Thursday.

The European Union has given the island until Monday to raise the billions of euros it needs to clinch an international bailout or face the collapse of its financial system and likely exit from the euro currency zone.

Greek Cyprus is in talks with Moscow over possible Russian investments. Greek Cypriot Finance Minister Michael Sarris has identified the divided island's offshore gas riches as one area in which Russia could invest.

"This resource belongs to two communities and the future of this resource can't be subject to the will of southern Cyprus alone. (We) may act against such initiatives if necessary," one of the Turkish officials told Reuters.

"The exclusive use of this resource ... by Southern Cyprus is out of question ... and unacceptable."

Turkey demands a joint approach and a share of the revenue.

"We are discussing all legal means ... We could take the case to the European Union but we will use all political and legal channels," the official said without elaborating.

Moscow would tighten its grip on European supplies if it invested in natural gas fields in the Mediterranean south of Cyprus as part of a deal to solve the island's financial crisis.

So far, some 200 billion cubic metres of natural gas worth $80 billion at current prices have been discovered in the Aphrodite gas field in Cypriot waters, although the figures still have to be audited.

That would be enough to cover around 40 percent of the European Union's annual gas consumption.

Greek Cyprus plans to start exporting in 2018, but energy analysts say extracting the gas will prove costly and slow, and Greek Cypriot supplies may run into a global glut, with shale gas plentiful by then in North America, Russia and even Europe.

Güncelleme Tarihi: 22 Mart 2013, 12:02

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Mitch
Mitch - 9 yıl Önce

What is 'Greek Cyprus'? What is 'Southern Cyprus'? Does you fascist government direct you to use these terms? There is a Republic of Cyprus. There is a Free Cyprus. There is an Occupied Cyprus (as it turns out ethnically cleansed of Cypriots and colonized by Turks). What unreality informs the Turkish mind? Do you still tell yourselves Greeks burned Smyrna? Do ya? Lol.