In the wake of Israel's recent find of massive amount of offshore natural gas in its little patch of eastern Mediterranean, Cyprus (the Greek side, that is) is hoping that it too is sitting on top of large energy reserves. The Cypriot government has given the green light to an American energy company to start exploring for gas in the island's waters later this year, but there is one major problem that stands in the way of Cyprus's plans: Turkey. From a report by the energy analysis firm Platt's:
There is still one stumbling block to Cyprus becoming a gas power though--namely its uneasy relations with Turkey. Israel and Cyprus have reached agreement on their maritime borders and each has accepted the other's exclusive economic zone. But Turkey, which occupies the northern part of Cyprus, has said it does not accept the agreement.
The Turkish government claims any agreements concluded by Cyprus are void unless and until the island is reunited and both the Greek and Turkish communities are represented.
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