The “Investment Energy Summit – Greece, Cyprus, Israel” Economist Conference was held in Athens, 28-29 March 2012, under the aegis of the Ministry of Environment, Energy and Climate Change and the Ministry of Commerce, Industry and Tourism of Cyprus. The event was attended by officials of the Greek, Cypriot and Israeli government as well as executives of foreign and domestic companies in the energy and oil field. Of special importance was the participation of Mr. G. Papakostantinou, Minister of Environment, Energy and Climate Change; Mr. N. Sylikiotis, Minister of Commerce, Industry and Tourism of Cyprus; and Mr. UziLandau, Minister of Energy and Water Recourses of Israel. The conference proceedings were followed by an official lunch during which the Ambassador and Special Envoy of the of the United States Secretary of State, Mr. Richard Morningstar, delivered a speech on energy matters in Eurasia.
The said conference was a special opportunity for the development of discussions in the context of creating a third pole of energy supply for Europe, in the framework of exploiting the wider region of Greece, Cyprus and Israel having as a criterion the re-design of the energy map of SE Europe. Furthermore, a reference was made to the investment capabilities in the specific region, due to the special geostrategic significance, the prospects and the current developments of international energy programmes, such as the ITGI and IGB pipelines.
DEPA was represented by Mr. Harry Sachinis, President and CEO, who stressed in his speech the possibility of the technical construction and operation of a natural gas pipeline from Cyprus to Greece highlighting that the EU could finance a similar project which could transport energy sources to Europe. Finally, regarding the LNG ships, he characterized the facilities required as high cost giving emphasis on the lower construction cost by 37% of the pipeline.