Upon the invitation of the founder and director of the annual Israel Energy & Business Convention Dr. Amit Mor, who is also an IENE partner, the Chairman of the Institute Costis Stambolis traveled to Israel and addressed the Convention as its keynote speaker at its opening on the morning of Monday, December 8. At the very start of his remarks Costis referred to the close diplomatic, economic and business ties between Greece and Israel.
“I bring you a strong message of friendship, resilience and hope during this difficult time as tensions in the region still remain high”, the Chairman of the IENE told the 200 strong audience. “However, cooperation between our two countries and all countries in the region, remains a top priority. And this is where energy plays key role and can play an even more important one. As energy can provide the much needed cohesive substance which can deliver economic and political benefits to all. This is what we, as a regional Institute, have tied to do by undertaking and completing very recently a most demanding energy review and analysis of the entire region. This is what our latest study, entitled “Energy Options in the East Mediterranean” is all about”, Costis observed to a highly attentive audience.
The Chairman of the IENE then went on to present the key findings of the above study. Presenting the main arguments of the study Costis remarked on the energy supply options for the European Continent which appear to have narrowed down significantly since the Russian invasion to Ukraine. The decision by the USA and the EU to fully decouple from Russian energy has changed entirely the energy landscape in SE Europe and the East Mediterranean. He then went on to explain the current energy use and potential of the various countries in the East Mediterranean region. “Right now, and on the basis of current proven reserves, the existing energy resources cannot possibly satisfy European energy needs. But if the countries in the East Med region manage somehow to overcome the present political barriers and establish close cooperation, then the energy potential in all its forms- hydrocarbons, renewables, hydrogen, electricity- can be fully explored to satisfy the energy needs of the countries themselves but also cover part of European supply needs.”, observed the Chairman of the Institute.
The full presentation by Costis Stambolis, which was extremely well received by a captive audience, can be seen here.
