The Energy Triangle No One’s Paying Enough Attention To
This is the energy triangle that has the biggest chance of disrupting geopolitics in Europe, and while it’s been on the cards since 2012, it is now – quietly - becoming a reality. The end game here is a geopolitical grenade, which seeks to circumvent Russia and isolate Turkey. Welcome to the ‘Energy Triangle’ of Eastern Mediterranean countries - Greece, Cyprus and Israel. The goal here is to transport natural gas through underwater pipelines from the Eastern Mediterranean to Europe in what is being billed as the EastMed project. But while it was a pipe dream for many years, since the beginning of this year it has taken on a life of its own due to support from Brussels and Washington, at the behest, largely, of Israel.
For investors, this will change the parameters of the energy game significantly because we are talking about transporting 350 billion cubic feet of natural gas through a 2,000-kilometer pipeline overland and underwater, from Israel’s portion of the Levant Basin, eventually from Cyprus, and onto Greece, connecting the rest of Europe via terminals in Italy.
In Brussels, the European Commission has already signed off on the technical and commercial feasibility of the project. It’s also now lending definitive political support to EastMed.
For Turkey, it’s the death knell. Erdogan has long been striving to put himself on the map as the leader…