Govt to participate in interconnector project – if conditions met

The government intends to participate in the Great Sea Interconnector project alongside Greece and Israel, provided that the conditions set by the cabinet will be fulfilled, Finance Minister Makis Keravnos said on Thursday.

Speaking to reporters after a meeting with the president of the radio and television authority, Keravnos was asked to comment on Greece’s Independent Power Transmission Operator (IPTO) appeal to speed up the implementation procedures for the participation of the Republic of Cyprus in the project, with an amount of up to €100 million.

This appeal was made on Wednesday, during a meeting in Nicosia between IPTO’s delegation and the ministry of finance.

“We listened attentively to the issues pointed out by IPTO, and their thoughts on how to proceed,” Keravnos said, adding that in turn he explained the cabinet’s decisions on the matter, and pointing out that “we acknowledge the project’s significant geopolitical value”.

He specifically mentioned that the implementation of the project will end the energy isolation of Cyprus, connecting the island to the energy networks of Europe and offering energy security.

“From there on, according to the decision of the Council of Ministers, our intention is to take part, provided that certain conditions that we have set are fulfilled,” the finance minister added.

“We are talking about a large-scale, very expensive project, and we have to consider all the parameters and financial costs, but also any risk that can be taken, so that a final decision can be made by the government,” he concluded.