Reuters: Cyprus-Greek pipeline could get some EU cash

The proposed gas pipeline to link Cyprus to Crete and then Greece or Italy will be in an EU list of strategic projects eligible for financial support, Cypriot officials said on Friday.

Cyprus has high hopes its natural gas reserves can be developed quickly to help revive its broken economy.

Its priority is to build a liquefied natural gas (LNG) terminal, but a pipeline could have advantages for Europe. LNG, which can be shipped anywhere in the world, is typically sold to the most lucrative market. A pipeline would guarantee that some gas supplies reached EU consumers.

"The European Union will include the East Med Pipeline in the revised list of projects of common interest within the Southern Corridor for gas," George Shammas, chairman of the Cyprus Energy Regulatory Authority, said.   MORE