East Med energy: re-assessing common interests

In the East Med we have been side-tracked by the fallacious promise or expectation of riches to come out of exploiting the newly discovered hydrocarbon resources.

We can rediscover our common interests only after a reality check on the actual potential of these resources. As long as politicians and people in the region believe that – despite their massive cuts in spending and the massive pressure on them due to climate change – the international oil companies will just come, develop and export these resources, making everybody rich in the process, common interests disappear and disputes and conflict become the norm.

This article is based on my presentation earlier in July at the Symi Symposium organized by the Andreas Papandreou Foundation, on the subject of East Med energy and its impact on promoting – or maybe not – common interests.

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