Released July 24, 2019 | GALWAY, IRELAND
en
Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland)--The European Union (EU) may cut aid funds to Turkey and suspend high-level contact with officials if the country does not end illegal gas drilling activities off the coast of Cyprus in the Mediterranean Sea.
The EU is discussing a series of measures that can be brought to bear unless Turkey withdraws ships which have been drilling in the exclusive economic zone (EEZ) since May. These include limiting the European Investment Bank's lending in Turkey and cutting up to 146 million euros ($163 million) in aid for next year, according to sources. Another proposal will call for the suspension of ministerial and leaders' meetings, ongoing talks between the two sides on an aviation agreement and a call for other EU Member States to do the same.
In May, the Turkish drilling ship Fatih began drilling operations and was joined last week by a second Turkish ship off the coast of Cyprus. At the time, the EU, the U.S. and others condemned the actions, threatening sanctions. There have been gigantic gas discoveries in the waters around Cyprus. In February, Exxon Mobil Corporation (NYSE:XOM) (ExxonMobil) (Irving, Texas) said it had made the world's third-biggest natural gas discovery in two years off the coast of Cyprus in the Eastern Mediterranean at the Glaucus-1 well. The discovery could represent natural gas resources of approximately 5 trillion to 8 trillion cubic feet (142 billion to 227 billion cubic meters). Other discoveries in recent years have been made by Italian oil and gas major Eni SpA (NYSE:E) and Noble Energy Incorporated (NYSE:NBL) (Houston, Texas). Cyprus is a disputed island with the internationally recognised government of the Republic of Cyprus controlling two-thirds, while the northern third is controlled by a Turkish-backed breakaway administration. For additional information, see May 15, 2019, article - Tensions Rise as Turkey Plans Gas Drilling in Cyprus Waters.
Speaking recently, European Commission Vice President Maro efčovič said: "I want to reaffirm our full support for Cyprus in light of Turkey's continued illegal drilling activities. President Juncker was the first one to say already back in Sibiu that 'on this issue I am Cypriot.' I was delighted that at the European Council every Member State spoke in unison and said: 'We are all Cypriots.' The Commission is now backing up that spirit of solidarity: we are working on concrete actions we can take. I can assure the people of Cyprus that we will do what we have to do. Europe stands in full solidarity with Cyprus."
A U.S. State Department spokeswoman said in a statement: "The United States remains deeply concerned by Turkey's repeated attempts to conduct drilling operations in the waters off Cyprus and its most recent dispatch of the drillship Yavuz off the Karpas Peninsula. This provocative step raises tensions in the region. We urge Turkish authorities to halt these operations and encourage all parties to act with restraint and refrain from actions that increase tensions in the region."
Turkey remains steadfast in its actions and this week the Ministry of Foreign Affairs referred to Greece as the "spoiled child of Europe". Turkish President Recep Tayyip Erdogan spoke out against international criticism: "The legitimate rights of Turkey and the Turkish Republic of Northern Cyprus over the energy resources of the Eastern Mediterranean are not debatable. We expect NATO to respect Turkey's rights in this process and support us in preventing tensions."
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Our European headquarters are located in Galway, Ireland. Follow IIR Europe on: Facebook - Twitter - LinkedIn For more information on our European coverage send inquiries to info@industrialinfo.eu or visit us online at Industrial Info Europe.
The EU is discussing a series of measures that can be brought to bear unless Turkey withdraws ships which have been drilling in the exclusive economic zone (EEZ) since May. These include limiting the European Investment Bank's lending in Turkey and cutting up to 146 million euros ($163 million) in aid for next year, according to sources. Another proposal will call for the suspension of ministerial and leaders' meetings, ongoing talks between the two sides on an aviation agreement and a call for other EU Member States to do the same.
In May, the Turkish drilling ship Fatih began drilling operations and was joined last week by a second Turkish ship off the coast of Cyprus. At the time, the EU, the U.S. and others condemned the actions, threatening sanctions. There have been gigantic gas discoveries in the waters around Cyprus. In February, Exxon Mobil Corporation (NYSE:XOM) (ExxonMobil) (Irving, Texas) said it had made the world's third-biggest natural gas discovery in two years off the coast of Cyprus in the Eastern Mediterranean at the Glaucus-1 well. The discovery could represent natural gas resources of approximately 5 trillion to 8 trillion cubic feet (142 billion to 227 billion cubic meters). Other discoveries in recent years have been made by Italian oil and gas major Eni SpA (NYSE:E) and Noble Energy Incorporated (NYSE:NBL) (Houston, Texas). Cyprus is a disputed island with the internationally recognised government of the Republic of Cyprus controlling two-thirds, while the northern third is controlled by a Turkish-backed breakaway administration. For additional information, see May 15, 2019, article - Tensions Rise as Turkey Plans Gas Drilling in Cyprus Waters.
Speaking recently, European Commission Vice President Maro efčovič said: "I want to reaffirm our full support for Cyprus in light of Turkey's continued illegal drilling activities. President Juncker was the first one to say already back in Sibiu that 'on this issue I am Cypriot.' I was delighted that at the European Council every Member State spoke in unison and said: 'We are all Cypriots.' The Commission is now backing up that spirit of solidarity: we are working on concrete actions we can take. I can assure the people of Cyprus that we will do what we have to do. Europe stands in full solidarity with Cyprus."
A U.S. State Department spokeswoman said in a statement: "The United States remains deeply concerned by Turkey's repeated attempts to conduct drilling operations in the waters off Cyprus and its most recent dispatch of the drillship Yavuz off the Karpas Peninsula. This provocative step raises tensions in the region. We urge Turkish authorities to halt these operations and encourage all parties to act with restraint and refrain from actions that increase tensions in the region."
Turkey remains steadfast in its actions and this week the Ministry of Foreign Affairs referred to Greece as the "spoiled child of Europe". Turkish President Recep Tayyip Erdogan spoke out against international criticism: "The legitimate rights of Turkey and the Turkish Republic of Northern Cyprus over the energy resources of the Eastern Mediterranean are not debatable. We expect NATO to respect Turkey's rights in this process and support us in preventing tensions."
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Our European headquarters are located in Galway, Ireland. Follow IIR Europe on: Facebook - Twitter - LinkedIn For more information on our European coverage send inquiries to info@industrialinfo.eu or visit us online at Industrial Info Europe.
