Israel can help Turkey diversify its gas supply

Israel can help Turkey diversify its gas supply

Baku, Azerbaijan, Dec. 22

By Umid Niayesh- Trend:

Israel's gas export to Turkey is a realistic plan, however Tel Aviv cannot replace the Russian gas in Turkey's market, at least at the short term, an energy expert, Micha'el Tanchum told Trend.

Tanchum, who is a non-resident senior fellow at the Global Energy Center and the Eurasian Energy Futures Initiative at the Atlantic Council, believes that Israeli natural gas exports via an undersea pipeline is commercially viable and makes economic sense for both Turkey and Israel.

Geopolitically, the return to strategic cooperation between the two countries is beneficial to the national interests of each, the expert said, adding the recent diplomatic breakthrough thus has a sound economic and foreign policy basis.

Talking about the possible obstacles of laying a pipeline from Israel to Turkey considering the geographic and political conditions in the region, Tanchum said that the only significant obstacle is the Cyprus issue, as any pipeline would have to cross the claimed economic exclusion zone of the Republic of Cyprus.

"However, there are positive signs about significant progress towards a resolution of the Cyprus problem. Again, the economic and geopolitical interests align," he added.

There is a strong possibility, perhaps better than any time in the past, the two sides will reach a mutual accommodation in 2016 that may allow for the construction of an undersea pipeline, according to Tanchum.

Commenting on the volume of Israel's gas export to Turkey, he said various proposals for the undersea pipeline call for Israel initially to export 8-10 billion cubic meters annually.

"This volume is equivalent to about 17-20 percent of Turkey's 2014 natural gas imports.

Thus, natural gas imports from Israel would represent a significant diversification of Turkey's natural gas supply mix."

The expert further said that to put it in perspective, the proposed initial export volume of Israeli gas is equivalent to 29-37 percent of the total volume that Turkey imported from Russia in 2014.

Of course, by the time Israeli gas would enter the Turkish system, Turkey's overall consumption will be higher but there is the potential for more Israeli gas to be transported to Turkey, Tanchum said.

"We actually do not know how much natural gas there is in the eastern Mediterranean basin as there has not been sufficient exploration," he said, adding the 2015 discovery by ENI of the massive Zohr gas field off Egypt's coast is a potent reminder of this.

Once Turkey and Israel agree to a supply contract, it would be possible to obtain financing for further exploration. And, such exploration could result in another significant gas find in the region, the expert underlined.

After the deterioration of relations between Moscow and Ankara due to the downed Russian SU-24 bomber, Turkey and Israel are taking steps to restore their bilateral relations.

Israel's Prime Minister Benjamin Netanyahu emphasized the possibility of supplying Israeli gas to Turkey and said this factor can "change the relations between the two countries."

Israel's gas reserve total a trillion cubic meters, according to various estimations. The Leviathan field accounts for as much as 620 billion cubic meters of this volume, 303 billion cubic meters - from the Tamar field and 58 billion cubic meters - from two smaller fields adjacent fields.

Umid Niayesh is Trend Agency's staff journalist, follow him on Twitter: @UmidNiayesh

Royal Caribbean cancels new cruise line from Israel over unrest
Royal Caribbean cancels new cruise line from Israel over unrest
Abu Dhabi shares at record high, shrugging off Israel-Palestine tension
Abu Dhabi shares at record high, shrugging off Israel-Palestine tension
Israel's import of Turkish chemicals spikes in value
Israel's import of Turkish chemicals spikes in value
Loading Bars
Slovenian Port of Koper could serve as fastest way and entry point for Georgian goods entering EU
Rising commodity prices create preconditions for potential strengthening of currencies in CIS - expert
Azerbaijan names number of sold cars in 1Q2021
Azerbaijan discloses volume of non-oil products exported to Turkey
Azerbaijani Army's missile, artillery units heading for exercise areas (VIDEO)
Bahar Azadi gold coin price rising in Iran
National Iranian Drilling Company starts drilling operations on Siyah Makan oil field
French investment bank to assist in transformation of state-owned enterprises in Uzbekistan
Khazar consortium opens tender for purchase of office equipment in Turkmenistan
Udi people always feel attention of Azerbaijani president, first lady - head of Albanian-Udi Christian community
Azerbaijan's economy shows positive tendencies in March 2021, says WB
Travel to Saudi Arabia to resume Monday after year of restrictions
Royal Caribbean cancels new cruise line from Israel over unrest
Cargo movements in Iran’s Amirabad port shrink
Ranking of best-selling cars in global market for 1Q2021 announced
Bolivia receives another batch of Russia’s Sputnik V vaccine
Turkmen Communications opens tender for supply of equipment
Iran exporters seek stable foreign currency rate
Azerbaijan discloses date of next plenary parliamentary session
Personnel, military equipment of Azerbaijani Armed Forces sent to exercise area (PHOTO)
First Armenian president reveals reasons for country’s defeat in Karabakh war
Iran’s NIOC, POMC to sign contract on development of Farzad B gas field
Activities in Iran’s Noshahr port intensify
Greece talks latest trade data with Turkmenistan
Azerbaijan shares data on number of vaccinated citizens for May 16
Kazakhstan boosts trade with Poland
Azerbaijan confirms 472 more COVID-19 cases, 1,122 recoveries
Azerbaijani manat's exchange rate remains stable - WB
Kazakhstan unveils its trade structure with EAEU countries for 1Q2021
Greece exploring ways to further diversify bilateral trade with Turkmenistan
Iran's Ministry of ICT to provide free internet for presidential candidates
Iran lifts steel ingots export ban
Azerbaijan, Germany implementing joint agricultural projects
Iran declares amount of loans issued in Fars Province
Detailed look at Turkmenistan's development of agriculture sector (2020 - May 2021)
Tourism potential of Azerbaijan's liberated Shusha at int'l exhibition in Dubai (PHOTO)
Ports and Maritime Organization of Iran seeks tax exemption for Chabahar port
Azerbaijan discloses insurance fee for rice fields
Abu Dhabi shares at record high, shrugging off Israel-Palestine tension
Israel's import of Turkish chemicals spikes in value
SOCAR Ukraine temporarily suspends premium fuel sales
Britain to hold meeting to encourage global COVID vaccine take-up
Azerbaijani agrarian agency signs tender to attract judicial services
Purchasing of rapeseed from farmers in Iran continues
CPI up 0.3% in April, well below expectations
Uzbekneftegaz shares data on shipment of sulfur products
Russia’s COVID-19 spread rate surpasses 1 for eight days in a row
Disney World and other U.S. theme parks update mask rules
Troops of Azerbaijan's Nakhchivan garrison to launch new command-staff exercises
Share of non-performing loans in Georgia doubles
EU allocates financial aid for programs in support of Georgian private sector
Government Trading Corporation of Iran unveils volume of wheat purchased from farmers
Iran's free trade zones require private sector investments - President Rouhani
Volume of cargo loaded, unloaded in Iran’s Anzali port decreases
Azerbaijani parliamentary delegation leaves for visit to Italy
Bitcoin rises 5.6% to $49,337.72
Most temples belonging to Udi people are either in ruined or dilapidated condition. Therefore, we will restore them too - President Aliyev
Iran's launches supercomputer
Proxy advisor ISS recommends votes for Chevron CEO, directors
WB talks growth of lending to Azerbaijan's economy
Saudi Arabia's national airline to resume flights to Georgia
Uzbek commodity exchange notes decrease in prices for cotton seeds
Udi people have great historical heritage - President Aliyev
Georgian FM to pay official visit to Kyiv
Iran’s East Oil & Gas Production Company boosts gas extraction
Biggest share of Azerbaijan's GDP accounts for industry
Turkmenistan interested in expanding co-op with Russia’s Lipetsk region
Azerbaijani Armed Forces continue exercises, moving to operational areas (VIDEO)
Georgia sees increase in COVID-19 cases
Iran reveals COVID-19 data for May 16
Russian airline expanding route of flights in direction of Baku
Azerbaijan expected to approve another int'l document on migration issues
Iran government increases pensions
Retail trade indicators up in Kazakhstan
Physical volume of Kazakhstan’s GDP down in 1Q2021
Turkmenistan, Iran talk over increasing sea transportation in Caspian Sea
Ministry talks social benefits paid out to population in Azerbaijan since early 2021
GDP per capita increases in Azerbaijan
Azerbaijan discloses amount of trade surplus for 1Q2021
Azerbaijan creating industrial clusters to develop metallurgical industry
Facilities to be put into operation at Iran's Ilam Airport
Fitch Ratings shares forecast for Azerbaijan's 2021-2022 external public debt
Baku Higher Oil School hosts webinar ‘Women in Engineering: Challenges and Opportunities’ (PHOTO)
Batumi International Airport of Georgia receives first passenger flight after reconstruction
Azerbaijan's Azerishig to purchase metal structures
Russia reports 8,554 COVID-19 cases over the past day
New type power units at Uzbekistan’s Turakurgan TPP to increase electricity production
UAE airlines Etihad, flydubai cancel Tel Aviv flights
Kazakhstan's int'l reserves grow
Georgia introduces new requirements for registration of trucks, buses, and minibusses
Third oil loading berth for Turkmenistan’s Turkmenbashi oil refinery under construction
Monument to famous Azerbaijani singer to be soon installed in Baku (Exclusive) (PHOTO)
Value of coupon payments to investors in Azerbaijan soars - National Depositary Center
Uzbekistan reveals companies interested in construction of solar power plant in Surkhandarya region
Carbon neutrality in 2045 requires managing increasing quantities of decarbonized biogas
UK to make final lockdown easing decision on June 14
French company eyes to co-op with Uzbekistan in using new technologies in agriculture
Bollywood: Big B buys oxygen concentrators, donates ventilators
Germany to finance implementation of projects in Uzbekistan in several areas
Direct delivery of Uzbek export goods to Pakistan implemented through Afghanistan
All news