Israel proposes a new gas pipeline with Cyprus as Egypt seeks warmer ties with Iran
Israel is hedging its bets on Arabs.
Israel proposed to Cyprus to build a gas pipeline connecting Israeli mediterranean gas to Cyprus for local consumption and liquefaction for export to Europe and elsewhere.
Originally, Israel was pushing for an eastmed pipeline which would connect all the way to Greece, but had a 6 billion euros price tag. The high cost of the pipeline and the lack of funding and security for it led the talks about it to stall.
The new pipeline will cost less and will help reduce Israel's reliance on Egypt for liquefaction, something which has given Egypt significant leverage over Israel. In parallel, Israel and Cyprus conducted additional joint military drills.
The news comes at a time when Egypt is discussing rapprochement with Iran. The pair ties deteriorated over the past two decades, but they are seeking a fresh start. Closer ties between both countries is unwelcomed by Israel and seen as a threat. With Abraham Accords stalling, which was created to counter Iran, Israel is anxious Iran influence will grow in its surrounding countries as it also pursues ties with Saudi Arabia and Jordan and has existing good relationships with Lebanon, Palestine, and Syria.
Effectively, Israel is hedging its bets on Arabs and would like to balance its security and economic interests with basing its energy security on Europe.