Summary Box: Greece, Israel, Cyprus eye gas export

AP News
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Posted: Mar 28, 2012 2:09 PM
Summary Box: Greece, Israel, Cyprus eye gas export

GASSING UP: Energy Ministers from Greece, Israel and Cyprus promised Wednesday to increase cooperation to exploit natural gas deposits in the Mediterranean, but warned that large-scale exports could take a decade.

GREECE ROLE: Greece, whose economy has been ravaged by a financial crisis, hopes to eventually start its own gas production and act as a transit point for supplies from Israel and Cyprus.

U.S. ON BOARD: The U.S. welcomed Mediterranean gas finds as a source of diversified energy supply for Europe, a senior U.S. envoy said, urging countries in the region to set aside their long-standing rivalries and do business.