The spark in the eastern Mediterranean

/ Editor’s Letter / Wednesday, 30 September 2020 11:28

Lately, the east Mediterranean is very close to a war over gas exploration. The conflicts are initiated by Turkey first with its neighboring Cyprus, followed by Greece which is supported by France.

Gas prices have been falling for over a year. However, could it be profitable for all these conflicts? So what explains the escalating conflict between Turkey, Greece, Cyprus and Egypt, which is drawing in other regional and European powers?

Large reserves of oil and gas were discovered in the region a decade ago and are valued at trillions of dollars even with today’s oil price crisis. But, as we know, Turkey’s economy is suffering and any natural additional resource would be a vital back up for its currency as it urgently needs more foreign exchange support, having lately been relying on dollars from Qatar.

Turkish president Recep Tayyip Erdoğan warned there would be a heavy price for anyone attacking the Turkish drilling vessel Oruç Reis – a clear message that Turkey is in desperate need of these resources to back its economy.

The situation will be more complicated as Israel is supporting the alliance between as Greece, France, Cyprus, Egypt and the UAE – which just tightened its relationships with Israel, a country who has an important role to play and big influence in the East Mediterranean – against Turkey.

If a spark is to blow up and start a war, who shall be the winner? If any!

Latest Issue

Please publish modules in offcanvas position.