Oil & Gas

Israel eyes oil opportunities following Turkey agreement

Israeli Prime Minister Benjamin Netanyahu at the weekly cabinet meeting in Jerusalem, Sunday Aug. 22, 2010. Israel's Prime Minister spelled out his opening position for the new round of Mideast peace talks set to begin next week, insisting Sunday on key security conditions and saying an agreement would be "difficult but possible." (AP Photo/Uriel Sinai, Pool)

Israeli Prime Minister Benjamin Netanyahu has said his nation’s agreement with Turkey to normalise ties will have immense implications for the Israeli economy.

Mr Netanyahu said it is an important step and will create oil and other economic opportunities. He said he will speak more about the deal at midday on Monday in Rome.

Mr Netanyahu was speaking alongside US secretary of state John Kerry, whom he was meeting with for the second time in as many days.

He recalled his conversations with Mr Kerry’s point-man for energy issues, who outlined the potential benefits of improving Israeli-Turkish ties.

Mr Kerry welcomed the agreement and congratulated Mr Netanyahu.

He said the US has been working on the rapprochement for several years, and called it a “positive step”.

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