The 4.4 million euro deal marks the QPI’s first investment in Greece.

Qatar Petroleum (QP), a state-owned corporation established in 1974, is responsible for all phases of the oil and gas industry in Qatar.

According to Gulf Times, Qatar’s Energy and Industry Minister Mohamed bin Saleh Al-Sada also attended the agreement’s signing ceremony yesterday in Doha.

“The power sector is growing steadily worldwide,” Mohammed Saleh Al Sada said at a press conference in Doha late yesterday.

“We have already built capacity internally here in Qatar, but we are interested in extending our investment elsewhere.”

The agreement was also signed, by Nasser Al Jaidah, CEO of QPI, and George Peristeris, CEO of GEK TERNA Group.

The energy-rich Gulf emirate in January announced during a visit by Samaras that it planned to invest up to a billion euros in a joint fund with Athens to bolster recession-hit Greek industry.

The Greek investment scheme is similar to a Qatari plan to invest in Italian companies, which was announced during a visit by Italy’s Prime Minister Mario Monti to Doha last November.

Samaras had originally intended to visit Qatar in November but delayed the trip because Athens was locked in talks to obtain aid from its international lenders.

TERNA was founded in 1972 and since then it has been actively involved in the implementation of a broad spectrum of public and private projects of considerable budget and complex know-how, such as the construction of Railway and Highway networks.

Today, TERNA is the construction company of GEK TERNA Group.

Samaras noted that the energy reserves in the wider region were under the jurisdiction mainly of European member countries. ” This is part of our European wealth, which we must exploit — the declaration of the EEZ is in the jurisdiction of the states, but the EU can back these states so that everything can be completed safely,” he said, adding that “we must rally together for something that unites us, we must raise our head for something that gives us prospect,” Samaras said, according to the state agency, emphasizing that Greece is at the most neuralgic point of the Mediterranean.

“Europe must make its presence felt in its neighbourhood. The Mediterranean plays and will play a decisive role for the security and international radiance of Europe, for its energy supply,” he added.

According to Kathimerini, adlthough Samaras did not refer to Cyprus specifically, it was clear that his message was designed to underline Greece’s expectation that the EU should back Athens in any dispute that might emerge with Turkey over the delineation of the Greek continental shelf and future oil and gas drilling rights. Samaras also suggested for the first time that Greece, Malta and Cyprus could cooperate to maximize the potential for hydrocarbon discoveries. “Look at the map and see what great possibilities this creates for Europe,” he said.

The conflict in Syria and related large refugee inflows; high energy and food prices; and lower gas inflows from Egypt, have put pressures on Jordan’s external and fiscal positions.

“Risks to the economic outlook remain, but the improvements in the fiscal and external accounts are encouraging,” the IMF official said.

“Despite a difficult external environment, Jordan’s economy has been performing well. Growth in 2012 is estimated to have increased to 2.8 percent while inflation has recently eased to 6.7 percent. Higher energy imports led to a widening of the external current account deficit, but that was offset by a stronger capital account,” she added.

The IMF official stressed that the central government performance was on track and the electricity company was in line with expectations and that the Central Bank of Jordan had managed well the temporary pressure on reserves in the fall of 2012.

With the receipt of sizeable grants from GCC countries, a successful dollar-denominated domestic treasury bond issuance, and increased preference for dinar denominated deposits, international reserves now stand at a comfortable level, she continued.

Talks with officials focused on medium-term policies for boosting growth prospects while strengthening fiscal and external positions—key objectives for the authorities’ program.

“We expect economic performance to be better in 2013. We agreed that near-term efforts should focus on further strengthening Jordan’s fiscal situation in a socially acceptable way, restoring the electricity company’s financial health, and further rebuilding policy buffers. This should be complemented by continued structural reforms aimed at improving the business environment, enhancing transparency, fostering trade, and improving labor-market skills through education and training,” she said.

Jordan has applied for $1 billion-plus loan from the IMF to address a budget deficit caused mostly by the energy burden, among other factors.

Robert Dudley, chief executive of the British oil conglomerate met with Egypt’s president, prime minister and petrol minister on Monday. He later announced the company will invest $10 billion in Egypt over the coming five years.

BP’s offshore project is expected to add 20 per cent to Egypt’s natural gas production. Dudley added that the fresh investment could create up to 5,000 job opportunities in Egypt, according to Al Ahram.

Meanwhile, BP Egypt announced in a press release on its website on 26 August two new discoveries in Egypt’s Nile Delta. They marked the fourth and fifth discoveries made by BP in the concession, following Satis-1 and Satis-3 Oligocene deep discoveries and Salmon-1 shallow Pleistocene discovery.

Hesham Mekawi, President and General Manager of BP Egypt stated, “The discoveries show our commitment to develop the remaining potential of the shallow reservoirs within the Nile Delta and make the best use of the existing infrastructure. It demonstrates the ongoing cooperation with the Ministry of Petroleum to deliver new gas discoveries and incremental supply to meet the future growth of the gas business in Egypt.”

BP has a long and successful track record in Egypt stretching back nearly 50 years with investments exceeding $17 billion, making BP one of the largest foreign investor in the country. In Egypt, our business is primarily in oil and gas exploration and production.

Egypt is one of the top gas producers in the Middle East and the largest in Africa.

The Global Initiative for Resource-Efficient Cities was launched by the UN Environment Programme (UNEP) and partners in the Brazilian city of Rio de Janeiro, just days ahead of the start of the high-level meeting of the UN Conference on Sustainable Development (Rio+20).

The initiative, open to cities with populations of 500,000 or more, will involve local and national governments, the private sector and civil society groups to promote energy efficient buildings, efficient water use, sustainable waste management and other activities.

UNEP notes that by 2050, up to 80 per cent of the global population is expected to reside in cities, which are increasingly becoming the focus of international sustainability efforts.

Today, urban areas account for 50 per cent of all waste, generate 60-80 per cent of all greenhouse gas emissions and consume 75 per cent of natural resources, yet occupy only three per cent of the Earth’s surface, the agency points out in a news release.

Yet water savings of 30 per cent, and energy savings of up to 50 per cent, can be achieved in cities with limited investment and encouraging behavioural change, it adds.

“In the context of rapid urbanization and growing pressures on natural resources, there is an urgent need for coordinated action on urban sustainability,” said UNEP’s Executive Director, Achim Steiner.

“This is essential both for preventing irreversible degradation of resources and ecosystems, and for realizing the multiple benefits of greener cities, from savings through energy-efficient buildings, or the health and climate benefits of cleaner fuels and vehicles,” he added.

UNEP also notes that the economic opportunities associated with making cities more sustainable are numerous. As centres of technology, cities can spearhead the creation of green jobs in sectors such as renewable energy. Projections show that some 20 million people could be employed in the wind, solar and biofuel industries by 2030, for example.

The practical steps that cities can take towards resource efficiency are the focus of a new UNEP report, also launched today at Rio+20.

Using case studies from China, Brazil, Germany and a host of other countries, Sustainable, Resource Efficient Cities in the 21st Century: Making it Happen highlights opportunities for city leaders to improve waste and water management, energy efficiency, urban transportation and other key sectors.

Rio+20’s high-level meeting runs 20-22 June, and is expected to bring together over 100 heads of State and government, along with thousands of parliamentarians, mayors, UN officials, chief executive officers and civil society leaders to shape new policies to promote prosperity, reduce poverty and advance social equity and environmental protection.

The decision – to be put to a vote at the July plenary session – allows pilot testing of this innovative plan to attract private investment in transport, energy and information technology network projects.

EUR 200 million will be set aside to guarantee investments in transport networks, EUR 20 million for ICT networks and EUR 10 million for energy connection. The scheme will be managed by the European Investment Bank (EIB).

Guarantees backing project bond issuing companies should make the bonds that they issue safer and more attractive to capital market investors such as pension and investment funds.

With an expected multiplier ratio of between 15 and 20, these guarantees could mobilise up to EUR 4.6 billion in private investment. Investment needs for transport, energy and Information and Communication Technologies (ICT) infrastructure projects in Europe are estimated at EUR 1.5 trillion for 2010-2020.

Modern and efficient infrastructure is considered vital to achieving the “Europe 2020″ growth targets. “Whilst the private sector should finance the bulk of these – mostly profitable – investments, the public sector’s role in Europe will be crucial for achieving the EU2020 targets, said the MEP steering the legislation through Parliament, Göran Färm (S&D, SV).

Project bonds will be introduced in 2012 and 2013 to pave the way for possible wider use under the “Connecting Europe Facility” at the start of the EU’s new Multiannual Financial Framework (MFF) for 2014-2020. The idea is to test how the financial markets perceive them and to use the practical experience of the coming 18 months to fine-tune the initiative.

“Europe’s economic crisis stems not only from the financial one, but also from declining investment. Given severe national budget restrictions and bank capital requirements, we must find new ways to boost investment for growth. Project bonds should make investing in important infrastructure projects more attractive to capital market investors, without excessive risks for taxpayers. This new scheme could play a key role in the growth strategy now being called for by many EU member states”, added Mr Färm.

The allocation decision is to be put to a vote by Parliament as a whole at in its plenary session in July.

“More than a billion people continue to live without access to electricity,” said Mr. Al-Nasser in an address to a conference organized by the Foreign Policy Association on the topic of ‘The Future of Energy.’

“It is clear that the basic energy needs of their daily lives are not being met. Today, more than any time in the past, there is an urgent need to ensure the sustainable use of energy and to address the challenge of energy poverty,” he added.

Mr. Al-Nassir noted that it is widely acknowledged that the more energy is available to communities, the greater the impact on food security, health, education, transport, communications and water and sanitation.

“Energy has therefore become an important component, if not an essential means, of achieving the Millennium Development Goals (MDGs). Unfortunately, over the past decade, the international community has not managed to agree on meaningful action to tackle the challenge of climate change, including energy poverty,” he stated.

The Assembly President called for the adoption of a new paradigm of consumption and production designed to limit greenhouse gas emissions; develop mechanisms to improve energy efficiency and ensure clean technologies are applied to fossil fuels; build capacities; facilitate access to renewable energy; and transfer technology.

Mr. Al-Nasser emphasized that international collaboration in boosting energy availability is a crucial way to ensuring success, adding that the cooperation should be between governments, academia, private sector and civil society.

“I would call for leaders in policy technology and business to work together, to develop new ways to shape the future of renewable energy, while also focusing on sustainability. Environmentally friendly means of using clean fossil fuels, including natural gas, must be found,” he said.

Mr. Al-Nasser also stressed that the United Nations Conference on Sustainable Development (Rio+20), in the Brazilian city of Rio de Janeiro next month, will be “a once-in-a-generation opportunity to secure a sustainable future and a more equitable world.”

“My hope is that the international community will formulate global strategies for increasing access to clean energy, improving energy efficiency, and accelerating the spread of renewable energy technologies throughout the world,” he added.

The juncture that brought Israel, Cyprus, and Greece together was twofold and had to do both with matters of common – mainly economic – gains, and with matters of regional balance of power. On the one hand Israel had, in 2009 and 2010, already discovered the “Tamar” and “Leviathan” natural gas reserves, respectively, while the Cypriot natural gas reserve that was discovered in the end of 2011 is adjoined to the Israeli “Leviathan” one. This reality has also brought to the table the issue of possible future connection of the two reserves through an underwater pipeline for the transportation of the natural gas to Cyprus where its liquefaction will be taking place (LNG plant). On the other hand there is the rupture in Turkish-Israeli relations, with Turkey approaching the Arab World, thus becoming a strong supporter of the Palestinians, while at the same time it refuses to re-approach Israel until the latter apologizes, convict those responsible, and compensate the families of the victims of the “Gaza Flotilla incident”. The fact that Israel has been reluctant to draw back from its position that its actions were legal, created an inevitable and prolonged diplomatic crisis with significant geopolitical and geostrategic implications, even thought the economic relations of the two states seem not only to be remaining at the same levels but also increasing.

In light of the above, it is easier to comprehend Israel’s need for a regional economic and strategic vent keeping also in mind the fluid situation in the Middle East and the Arab World because of the revolt and beyond. Israel seems to have found this vent, at least temporarily, in Cyprus and Greece. There is therefore, for Israel, the need for the exploitation and exportation of its natural gas to the western markets, and the need to increase its geostrategic power thus counterbalancing Turkey as well as other regional threats, like Iran. To that end it has signed, or is in the process of signing, agreements both with Cyprus and Greece. These agreements consider matters like military cooperation (with Greece), co-exploitation of the natural gas and cooperation in the sector of electrical power (EuroAsia Interconnector), while Israel has also proposed cooperation in the sectors of disaster management with the potential participation of Romania and Bulgaria.

The geopolitical, geoeconomic, and geostrategic needs of Israel converge, at this juncture, with Cyprus’ need for the support of its efforts to bring out its natural gas from “Block 12” and the initiation of the second round of explorations in the rest of the “Block 12” of its EEZ, since the second round of licensing is complete. Israel’s needs also converge with Greece’s need for balancing against the Turkish power and its efforts to avert the status quo that Turkey tries to impose in the Aegean, especially since the recent proclamation of the illegal explorations that will be undertaken by the Turkish Petroleum Corporation (TPAO), off Turkish maritime boarders, near the Greek Island Kastelorizo. Further, indicative of the common interests and worries that the three states have in the region, especially with regard to Greece and Israel, was the military aeronautic and antisubmarine exercise that the US, Israel, and Greece had together in April, 2012, in the Eastern Mediterranean, close  to Kasterlorizo. Important fact was also the recent simulated engagement between Israeli and Turkish warplanes within Cyprus’ FIR, over the occupied territories, as it highlights once more the crisis between Turkey and Israel, while it is indicative of Israel’s recognition of RoC’s sovereign rights.

Unquestionably the multileveled cooperation of the three states, as well as its gradual integration, is a fact. At least for the time being the interests of Israel, Cyprus, and Greece seem that are being served by the creation the “axis” in question. Moreover, this cooperation/alliance clearly bothers Turkey and challenges its plans in the Eastern Mediterranean, and especially in Cyprus. Nonetheless both Cyprus and Greece should be careful and guarded regarding their cooperation with Israel in the sense that they must not see Tel-Aviv as the ultimate rescue board for their geopolitical problems, nor should they see it as a stable and long-term ally. After all, Israel’s national security culture suggests the formation of the best alliance possible for the best countering of the regional security threats, depending on the needs of any given time period. From that perspective a possible reconciliation with Turkey – if something like that were to happen – would probably serve Israel’s interests better, especially in relation to the Iranian threat.

Conclusively, while Cyprus and Greece are on the right track with regard to their cooperation with Israel, they should, at the same time, develop other diplomatic relations in the region as well (as the RoC has started doing) emphasizing the importance of themselves and their relations for the states of the European Union (EU). Thus, the developing axis “Israel-Cyprus-Greece” as well as other possible bilateral collaborations of Cyprus and Greece in the region will not be perceived by the EU as “a shift toward the East” that neglects the European partners, but rather as a proactive foreign policy at the southeastern boarder of EU which will, in the medium/long-term, have positive economic, energy, and politico-diplomatic results for the Union. Finally, such a sophisticated strategic planning is necessary first because of the complexity of the regional international relations and also because of the alternatives that it would offer to Greece and Cyprus in the case that Israel were to withdraw from the “axis” for whatever reason.

Translated by the author from the Greek version, which appeared on www.strategyinternational.org. Zenonas Tziarras is a PhD Candidate in Politics & International Studies at the University of Warwick, UK, and a Junior Research Scholar at the think-tank Strategy International, in the Programme “Peripheral and Global Governance & Relations with Turkey”.