The island nation of Cyprus is lobbying Washington to help it create a “grand” energy strategy.
The master plan would enlist U.S. help in creating an upstart energy market in the troubled Eastern Mediterranean as a hedge against the spread of Islamic State terror, said Energy Minister Georgios Lakkotrypis of Cyprus, speaking March 9 at the German Marshall Fund in Washington, D.C.
The players in this grand strategy will eventually include Israel, Cyprus, Lebanon, Egypt and even the Palestinians, he said.
Cyprus has been working with Israel over the last few years on creating an agreement to develop a large natural gas deposit in the Eastern Mediterranean. And has been doing so with the help of Houston-based Noble Energy — a U.S. oil and gas exploration firm.
Lakkotrypis explained that the effort is part of a bid to make both countries energy secure, while developing new market opportunities for the region and Europe as a hedge against terrorism that threatens supply disruptions.
“The recent developments of the past 8 to 12 months in the wider region has made [the energy situation] much more complicated, and I am referring to the threat of ISIS,” said Lakkotrypis. “But at the same time, a whole new range of opportunities is opening.”
Lakkotrypis said his talks in Washington will be on how to take advantage of these opportunities at a time when the threat of terrorism is on the rise.
He wants the U.S. to make the development of a master strategy in the region a priority as Cyprus and Israel continue their development of large offshore natural gas fields that border both countries.
This grand plan will involve U.S. backing of the project in order to attract more U.S. firms like Noble and Halliburton to the region to assist in the operations and develop the gas reserves there.
The plan also involves the development of infrastructure to facilitate the production of offshore gas, as well as downstream facilities to ship produced product to countries like Jordan, Lebanon and Egypt that are facing disruptions due to ongoing fighting in Iraq and Syria.
“The threat of terrorism which is effecting the border, eventually on the border with Lebanon, which is something of a big concern for us. Because if the Islamic State reaches the coast of the Mediterranean” then it would even threaten Cyprus, he explained.
Lakkotrypis says he plans to make his pitch beginning today in meetings at the State Department, and on the Hill with committee staffers.
“Infrastructure is going to be the number one topic of conversation,” Lakkotrypis said.
Lakkotrypis is also scheduled to visit the American Israeli Public Affairs Council before going to New York to talk to the investor community.
