NICOSIA, Cyprus—Turkey’s Turcas Holding company has submitted a $2.5 billion offer to Israel for the construction of a 470-kilometer pipeline between Israel and Turkey.
The company, affiliated with Azerbaijan’s state oil company SOCAR, plans for an undersea pipeline that will connect Israel’s newly discovered natural gas deposits in the eastern Mediterranean to Turkey.
Mathew Bryza – the former American ambassador to Baku, whose continued ambassadorship was blocked with the help of the ANCA after the uncovering of serious conflicts of interest – is a member of the company’s board and announced the offer worth $2.5 billion during an energy conference held in Cyprus.
Bryza said the 470-kilometers-long pipeline would have a capacity to transfer 16 billion cubic meters of natural gas a year. The former diplomat also stressed that if the political problems between Turkey and Israel affected the construction, all cost and responsibility would be assumed by Turcas.
Meanwhile, Israel’s daily Globus said Turkey’s Zorlu Group was also in talks with Israel regarding the building of pipelines and buying natural gas. Globus said Zorlu, which was constructing a power plant in the Ashkelon province of Israel, contacted the companies that had shares in Israel’s natural gas region, Leviathan, and made offers for buying natural gas and constructing a pipeline.
Israel’s government in June approved limiting natural gas exports to about 40 percent of the country’s newly-discovered offshore reserves. Two of the world’s largest offshore fields found in the past decade lie in Israeli waters. Tamar, with an estimated 280 billion cubic meters, was discovered in 2009. A year later, Leviathan was found, with an estimated 530 billion cubic meters.