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Energy strategies in the Eastern Mediterranean [Shutterstock]
Welcome to the weekly round-up of news by Kathimerini English Edition. United States energy giant Chevron has confirmed its interest in conducting hydrocarbon explorations in two offshore blocks south of Crete. Following an announcement by the Energy Ministry to this effect, Chevron confirmed that it had “submitted a non-binding expression of interest to the Hellenic Hydrocarbons and Energy Resources Management Company (HEREMA) for three offshore blocks.”. Chevron’s decision also has geopolitical implications, as the area in question overlaps with the area illegally claimed by the null Turkish-Libyan Memorandum of Understanding. The Greek government has interpreted the move not only as a vote of confidence in Greece as an investment destination, but as indirect US support for Greek maritime rights. “We are exercising our sovereign rights in practice”, noted Deputy Foreign Minister for Economic Diplomacy and Openness Tasos Chatzivasileiou. At the same time, Chevron’s move may also be considered to bolster efforts to restart work on the Great Sea Interconnector (2GSI) energy cable that would link the grids of Cyprus, Greece, and Israel, as it can be interpreted as a refutation of claims that the cable is being laid in areas claimed by Turkey. The project, that had been frozen in part due to tensions with Turkey, is set to resume in the coming days, with the Greek government having thrown its diplomatic weight behind the endeavor. Greece has made it clear that the 2GSI project does not require third-party approval to go ahead, including that of Turkey. According to sources available to Kathimerini, discussions are now being held on an operational level to determine the best course of action to ensure the security of the project. This includes the deployment of elements of the Hellenic Armed Forces to accompany the research vessels carrying out work. The French government has also stated that it will have a discreet military presence in the region to support the research vessels, while Israel has reportedly assured the Greek government that it fully supports the project, viewing it as part of its wider strategy of regional cooperation. Prime Minister Kyriakos Mitsotakis travelled to Israel on Sunday and met with President Isaac Herzog and Prime Minister Benjamin Netanyahu to discuss a range of critical issues, with energy coordination being high on the agenda. Spotlight
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 [Dimitris Papamitsos]Greece’s and Cyprus’ multifaceted engagement in the volatile region of the East Mediterranean continued last week, as the fragmented West assesses and tries to deal with developments in the area which could have global repercussions. Both Europe, with deep economic, social and historical ties with the Middle East, and the US which is turning its focus towards the Far East, need stable and reliable partners in the area. Greece and Cyprus, not only promote themselves as pillars of stability, but are widely recognized as such. They are both strategic allies of Israel; the Greek prime minister was in Jerusalem today, while the Israeli President visited Nicosia in January. In Washington leaders of the Greek American community work closely with Jewish American organizations. A project of major geopolitical significance taking shape is the India-Middle East-Europe Economic Corridor (IMEC) which enhances the strategic importance of Greece, Cyprus and Israel. At the same time, the traditional ties with the Arab world are flourishing; from the trilateral cooperation scheme of Greece, Cyprus, and Egypt, to the deepening multifaceted relationships with Saudi Arabia and the United Arab Emirates. Just last Friday the leaders of Greece and Cyprus held a four-party meeting at the Elysee Palace in Paris with the presidents of France and Lebanon, focusing on security, migration, interconnectivity, and energy developments in the East Mediterranean and the Middle East. They also spoke, via video conference, with Syrian interim President Ahmed al-Sharaa. It was a natural gathering as they have common priorities and interests in the wider region, foremost among them establishing and empowering a stable Lebanon in peace with its neighbors, while minimizing any outside influences not only in Lebanon, but in Syria too. |
 Even as the high concentration of cruise passengers in certain popular destinations continues to persist, despite government efforts to manage the situation (including higher disembarking fees for Santorini and Mykonos), experts are forecasting that cruise traffic will increase more than 10% in 2025 from last year’s record-setting performance. A new national strategy for cruise ships is one of the Tourism Ministry’s priorities, which aside from the aforementioned efforts to manage areas of high concentration, includes efforts to develop and promote new destinations as well as to shift the seasonal patterns of cruises. It is hoped that a less seasonal cruise season will mean that its peak will not coincide with the tourist peak during the summer months. However, to achieve these targets will require significant infrastructure investments and development, including the modernization of already developed destinations. |
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| “The Athens Exchange (ATHEX) general index closed at 1,735.68 points, up 2.27% from last week.” |
| “The minimum wage is set to increase on April 1 from 830 euros gross today to 880 euros. Deputy Prime Minister Kostis Hatzidakis noted that this is the first-year civil servants will also see their wages increase along with the minimum wage.” |
| “The first two months of the year (January and February) saw the state recorded a primary surplus of 2.8 billion euros, against a target of 2.03 billion euros. Tax revenues over the same period were 506 million euros, 4.4% more than the targeted amount.” |
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Editor's Pick The shock and awe among Europe’s elite is profound. For years, European and American policy makers in foreign affairs and security felt a deep sense of kinship.Read the article |
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