Energy minister in Israel to discuss interconnector

Energy Minister George Papanastasiou travelled to Israel on Wednesday to meet his Israeli counterpart Eli Cohen.

The pair are set to discuss the planned electrical interconnector which, if constructed, will connect the grids of Cyprus, Greece, and Israel, as well as matters related to hydrocarbons.

Papanastasiou and Finance Minister Makis Keravnos were last month given authorisation by cabinet to make a final investment decision regarding the interconnector, with all signs pointing to Cyprus agreeing to take part.

He had said at the time that “the intention of the Republic of Cyprus to participate in the share capital of the Great Sea Interconnector for the amount of up to €100 million has been confirmed.”

The interconnector is set to cost a total of €657 million and will be subsidised by the European Union.

Earlier this month, Greece’s Independent Power Transmission Operator (Admie) urged Cyprus to pay its €100m share in the interconnector following a meeting with Keravnos.

“Admie has already spent over €150m for the project and explained to the finance minister that it looks forward to Cyprus’ participation for the continuation of the project,” they said.