Greece and Cyprus strive for agreement on major energy project

08:31 14/9/2024 - Πηγή: iEfimerida

Negotiations between Greece and Cyprus regarding the Great Sea Interconnector project are ongoing.

This ambitious project involves a power cable linking the grids of Greece, Cyprus, and Israel,

with the aim of enhancing energy interconnection between the three countries.

The Cypriot government is closely examining the project, seeking guarantees and assurances regarding its total cost. While both sides have agreed to continue negotiations, disagreements persist over the potential financial burdens for Cyprus. Cypriot power regulators are concerned about avoiding additional funding or losses if the project is abandoned.

Cypriot President Nikos Christodoulides has emphasized the importance of this project for future generations and assured that decisions will be made prudently and based on thorough analysis. He is scheduled to meet with the Greek Prime Minister in Athens on September 19 to discuss the project further.

Israel's Energy Minister has also expressed interest in the project, highlighting its geopolitical significance. The United States has also been urging for its implementation.

Greek Prime Minister Kyriakos Mitsotakis has stated that the project will proceed if its economic viability is ensured and any geopolitical risks are addressed. However, the Cypriot side remains focused on resolving regulatory issues related to geopolitical risks and cost allocation before moving forward with the project.

The primary obstacle in the negotiations appears to be the allocation of costs between Greece and Cyprus, rather than the geopolitical risks involved.

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