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Great Sea Interconnector: The Government's decision in three months

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Great Sea Interconnector: Σε τρεισ μor&nu ;εσασηκβρνσσ /></p> <p> <strong>Cyprus asks for full assurance to participate</strong> </p> <ul> <li><em><strong>In three months the Government's decision</strong></em></li> <li><em><strong>Satisfaction of two important conditions is required</strong></em></li> <li><em><strong>The project is under study to ensure the financial aspect and the geopolitical risk</strong></em></li> </ul> <p>The Government of Nikos Christodoulidis is not going to give the “green” light for participation in project of the electrical interconnection of Cyprus – Crete – Israel, through the submarine cable Great Sea Interconnector,<strong> if it is not ensured that the project is economically in the interest of the Republic of Cyprus and does not expose the state to any geopolitical risk.</strong> </p> <p>As informed by <strong>Brief</strong>, the official response of the Government<strong>will be given within three months after the completion of the study of all the data and studies that have been put before the competent Ministers and passed through the “sieve” of an evaluation house and other experts. Only then will it be decided whether Cyprus will participate or not, as a shareholder in the project's owning company that undertook the implementation of the electrical interconnection.</strong></p> <p>The government's position, as expressed in the Council of Ministers so far, is that Cyprus will participate in the capital, provided that the conditions set by the Council of Ministers are met, that is to weigh the financial cost and any other risk.</p> <p >According to earlier statements by the Minister of Energy, Mr. George Papanastasiou, “in the event that Cyprus participates in the share capital, this will be done through a subsidiary company, registered with the Registrar of Companies and with a capital of 300 million euros”.</p> <p>It should be noted that the Energy Regulatory Authority has informed the Parliament in writing that Cypriot consumers will bear part of the cost of implementing the electrical interconnection for the amortization of the investment. In any case, Cyprus will pay 63% of the cost of the cable, as part of the implementation of the Cyprus-Greece electrical interconnection, with an amount close to half a billion, approximately 472 million euros, even if the Republic of Cyprus does not participate in the project. </p> <p>On December 5, 2024, a memorandum of understanding (MoU) was signed between the Independent Energy Transmission Operator of Greece (ADMIE), the Ministry of Energy, Trade and Industry of Cyprus and TAQA, a vertical energy group based in Abu Dhabi.</p> <p >The Memorandum concerns the framework of the negotiations between the three parties for the entry of the Republic of Cyprus and TAQA into the special purpose subsidiary of ADMIE, Great Sea Interconnector, the operator of the electrical interconnection of Greece (Crete)-Cyprus and Israel,<strong > to speed up the implementation of the Crete and Cyprus section which shows the highest degree of maturity.</strong></p> <p>The agreement was signed by the Minister of Energy, Trade and Industry of Cyprus, George Papanastasiou, the president and managing director of ADMIE, Manos Manousakis and the managing director of TAQA Group, Jasim Husain Thabet, in the presence of the Deputy Minister of Environment and Energy of Greece, Alexandra Sdoukou.</p> <p>source: Brief/<em>CHRISSO ANTONIADOU</em></p> <p><noindex></p> <div class=Source: 24h.com.cy

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