GSI ‘going ahead as planned, through Cyprus’

The Great Sea Interconnector is progressing as planned and will pass through Cyprus, Energy Minister Michalis Damianos said on Sunday.

He said “everything is running normally” both as regards the Cyprus-Crete section and the Cyprus-Israel part, denying reports that it will proceed without the participation of Cyprus.

He said that after the agreement of President Nikos Christodoulides and Greek Prime Minister Kyriakos Mitsotakis, the entry of a new investor in the project has proceeded, while a new due diligence study is expected.

The goal, he explained, is to determine the exact cost of the project and decide how it will be covered.

In relation to the viability of the project, he said that it will also depend on the amounts that can be invested.

He said if the project is much more expensive, other investors and other resources will have to be found so that it can move forward.

The EU is covering the project with €658 million, pointing out that it will have to be determined whether the costs have increased and, if so, how he GSI’s financial sustainability can be ensured.

He also made special reference to the cost for the Cypriot consumer, noting that they will contribute towards its cost through electricity bills.

For this reason, he said, extra investors should be found so the cost does not greatly affect the Cypriot consumer.

Following the French company Meridiam taking a majority share of the project, there is also interest in the Cyprus-Israel project from foreign investors, he said.

“Since there is interest in general, it is a project that we must find a way to implement and not whether it will be implemented,” he said.