The U.S. Company Nobel Energy has found a deposit of five thousand to eight thousand billion cubic meters southeast of the island. The Greek Cypriot president calls it a "historic" event. Meanwhile, Turkey gives the green light to the Russian-Italian South Stream pipeline to carry Russian gas to Europe.
In the meantime, Turkey has given the green light to Russia to build a pipeline to bring Russian natural gas to European markets through Turkish territorial waters of the Black Sea, a project called South Stream. This way Moscow’s pipeline will avoid passing through Ukraine, which has given rise to tensions and problems in the recent past. In return, Russia has already decided to lower the price of natural gas sold to Turkey. The announcement was made by the Minister for Energy and Natural Resources, Taner Yıldız. The South Stream project was initiated by the Russian company Gazprom and Eni in 2007, which in 2008 created a joint company for the project, with a minority of Germany and France, as well as Bulgaria, Serbia, Greece and Hungary . South Stream will carry up to 63 billion cubic meters of gas once operative, which is expected in 2015.
For more: TURKEY-CYPRUS-EGYPT Cyprus discovers gas at sea. Turkey and Egypt step forward - Asia News
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