Iranian President Hassan Rohani flew to Italy on Monday at the start of his first official visit to Europe, looking to sign multi-billion dollar contracts to help modernize Iran’s economy after years of crippling financial sanctions.
Heading a 120-strong delegation of Iranian business leaders and ministers, Rohani will spend two days in Rome before flying to France on Wednesday, hoping to burnish Tehran’s international credentials at a time of turmoil across the Middle East. Continue reading
WASHINGTON—On September 23, the drill ship SAIPEM 10000 — built in South Korea at the cost of $250 million and flying the flag of the Bahamas — arrived in the Exclusive Economic Zone (EEZ) of Cyprus to begin exploring for gas under a license awarded to an Italian-South Korean consortium, ENI-KOGAS. The Cyprus government hopes that additional discoveries over the next 18 months in its EEZ will be sufficient to make its plans to build a liquefied natural gas (LNG) plant on the island, to condition gas for export, commercially viable.
The Turkish authorities declared that the drill ship violated Turkey’s area of maritime jurisdiction and sent the Corvette Bafra to monitor operations. Another Turkish warship, the Gelibolu, engaged in planned maneuvers south of Cyprus ostensibly to ensure maritime safety in the eastern Mediterranean. The Cyprus foreign minister, Ioannis Kasoulides, said that exploration would continue despite Turkey’s “potential harassment.” Continue reading