Turkey-Israel to isolate Greek Cypriots on energy

ISTANBUL (AA) - March 26, 2013 - Chief Economist at the International Energy Agency Fatih Birol said that Israeli apology would facilitate the close partnership between Turkey and Israel on energy projects in a way to isolate Greek Cypriot administration.

"(Israeli apology) opened the way for Turkey to be world champion in energy transferring", said Erol, stating that Turkey could transfer the energy resources to the world market together with Israel.
Erol indicated that Turkey offers the most economically advantageous way for Israel in transferring the Eastern Mediterranean natural gas to the international markets.
Also, Erol predicted that Israel had the capacity to extract gas 7-8 times more of its internal need to be sold in the international markets.

Eastern Mediterranean region has rich gas reserves

Erol said that no obstacle remained in importing Israeli gas, while there is a rising interest on the gas around Cyprus. 
Adding that the cost of extracting the gas is not known yet, "We know there are rich reserves" said Birol.
On the other side, according to an article which had appeared on Financial Times on March 25, Greek Cypriot administration was envisaged to be isolated as Turkey and Israel could cooperate on natural gas reserves issue.  
On the same day, Turkish Deputy Prime Minister Ali Babacan had criticized Greek Cypriots' idea of using Eastern Mediterranean reserves as collateral for acquiring loans, and said "The reserves are not only theirs. According to the international law, they belong to all inhabitants of the island."