US sees great potential in Eastern Med project

The US sees significant potential in the Eastern Mediterranean energy project and “will continue advancing energy development in the region as a priority,” Assistant Secretary of State Francis Fannon said, according to the AP. Fannon, who is in charge of energy-related affairs, made his remarks on the sidelines of Nicosia meetings between Cyprus, Israel and Egypt to discuss their Eastern Med energy cooperation. Egypt has been working to establish itself as the region’s premier energy hub. To that end, the government signed an agreement with Cyprus in September to jointly build a USD 1 bn pipeline connecting Cyprus’ Aphrodite natural gas field to liquefaction plants in Egypt, which will use it to meet local demand and export the rest to Europe. Egypt has also agreed to import natural gas from Israel under a USD 15 bn pact.