There is a strong investment interest from major players in the GSI, Energy Minister says

Minister of Energy, Commerce and Industry George Papanastasiou has said that he is optimistic that the Greece-Cyprus-Israel undersea electricity interconnection project (GSI) will proceed as planned, noting that there was strong investment interest from major players.

Speaking at the Delphi Forum in Greece, Papanastasiou stressed, according to a press release, that the project will lift the isolation of Cyprus and underlined that it is not a project between two or three countries but “a European project in which the EU has invested significantly as a project of common European interest and has received 657 million euros of funding from the Connecting Europe Facility”. He called for more active support by the European Union for the project and said there was strong investment interest from major players. "I am optimistic that diplomacy and rational thoughts will prevail. We want a stronger European involvement both in statements and in action," he noted

Moreover, Papanastasiou stressed the importance of the interest of US companies in the Eastern Mediterranean region, especially in a period of increased geopolitical and economic turmoil. Commenting on the geopolitical aspect of energy projects in the region, he stressed that there are three ways to address geopolitical challenges: through diplomacy, through the involvement of the economic interests of countries with weight in shaping  balances, and finally, through what he called  the “undesirable” military action.

The Minister made special reference to the important cooperation agreements between the Mediterranean countries, citing Egypt as an example, while he confirmed the strong interest of US companies in projects in the Eastern Mediterranean region.  Specifically on Chevron, he noted that there was a high-level meeting with the CEO of the company which operates in Israel, Egypt and Cyprus and that he expressed interest in Greece as well.

Greek Minister of Environment and Energy, Stavros Papastavrou, described the Greece-Cyprus-Israel submarine electricity interconnection project as “crucial” for the lifting of Cyprus' energy isolation, and expressed optimism about its progress.

He stressed, however, that careful and institutional management by both countries and the EU is required. Referring to Chevron's interest in hydrocarbon exploration in the country, he noted that it is a “huge vote of confidence” and an important change because of its geopolitical dimension. He stressed, however, that the state must take the necessary steps to complete the whole process before the end of this year.

In this regard, he said, “the first ministerial decision was signed last Friday, the next one is signed tomorrow and by the end of April, I think, we will publish the tender in the European Commission's Official Journal, with the aim of having the tender completed by August and then before the end of the year we will get this issue before the Hellenic Parliament.”

(Source: CNA)