Greek Prime Minister Kyriakos Mitsotakis and French President Emmanuel Macron discussed the Great Sea Interconnector on Wednesday.

The project was among the main issues discussed during their meeting in Paris, alongside developments in the Levant and Middle East.

Particular attention was given to the next steps for the Greece Cyprus electricity interconnection after an agreement for French company Meridiam to become the majority shareholder in Great Sea Interconnector.

The two leaders also discussed developments around Iran and the Middle East, while Mitsotakis briefed Macron on the trilateral Greece, Cyprus and Egypt meeting held in El Alamein on Tuesday.

The meeting came after President Nikos Christodoulides said Cyprus had seen “substantial developments” towards implementation of the GSI.

“For the first time since 2012, when the issue of the GSI began, we have substantial developments towards the implementation of this specific project,” he said.

Christodoulides described Meridiam’s involvement as “decisive” for the financial and geopolitical aspects of the project.

However, Finance Minister Makis Keravnos warned MPs on Tuesday that the GSI could cost considerably more than the widely cited €1.9 billion figure, which excludes expenses including insurance, storage and maintenance.

Keravnos also said “we’re not sure that the price of energy would come down” as a result of the project.

Energy Minister Michalis Damianos has said the interconnector should primarily be viewed as a project for energy security.