Greece May Be Key Player In European Energy Security

…which is why it’s often said here that Greece is going nowhere (See also HERE and HERE). It simply holds too much strategic value as it is the gateway to Europe. Whether it’s 100% submission to the German-led troika or a parallel currency compromise, the most likely option, it will stick around in one form or another.

 

The United States is reporting some success in persuading Greece to accommodate a Western-backed pipeline through Turkey to supply Europe with gas from the Caspian Sea rather than an alternative project – backed by Moscow – that would ship Russian gas.

Washington sent Amos Hochstein, the State Department’s special envoy on energy affairs, to Athens to discuss the options with several Greek officials. On May 8 Hochstein reported that both sides “agreed on more than we disagreed.”

“Turkish Stream doesn’t exist,” Hochstein said, referring to Russia’s proposed pipeline through Turkey. “There is no consortium to build it, there is no agreement to build it. … [I]n the meantime, [we should] focus on what’s important – the pipeline we already agreed to, that Greece already agreed to.”

Russian President Vladimir Putin has been wooing Greece’s new leftist prime minister, Alexis Tsipras, by saying its planned Turkish Stream pipeline, designed to bypass Ukraine to deliver gas from Russia’s state-run Gazprom to Europe, possibly through Greece, would be a lucrative source of transit fees for a country in need of cash.

The United States has been urging Greece to opt for the Trans-Adriatic Pipeline (TAP), an extension of the Trans-Anatolian Pipeline (TANAP), which would carry gas from Caspian fields off the coast of Azerbaijan through Turkey, Greece, and Albania, before continuing on to Italy via the Adriatic Sea.

Full article: Greece May Be Key Player In European Energy Security (Oil Price)

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