Resolving differences over the Great Sea Interconnector “builds trust and demonstrates Cyprus’ official interest in the project,” Energy Minister George Papanastasiou said on Saturday, one fay after the government officially transferred the licence and management of the GSI energy project to Greece’s Admie.
He added that the transfer reflects Cyprus’ formal commitment to the project, in addition to preventing regulatory and institutional problems as the project advances.
“The licence transfer was an outstanding issue that needed resolution,” Papanastasiou said.
Although the decision was made public on Friday, it had actually been taken on September 3, Papanastasiou said.
The minister said management of the project requires coordination by both the implementing body and the European Commission.
He said the European Commission plays a role because the project is European in scope, and added that any extra commentary is unnecessary.
Regarding next steps, Papanastasiou said both Cyprus and Greece agreed that statements should be limited, with more effort directed towards practical implementation.
He confirmed that work will continue in the coming days and weeks to bridge regulatory, institutional and other differences. Updates will also be provided to the European commissioner for energy on the project’s geopolitical aspects.
When asked about the project’s financial sustainability and a recent €25 million public debt auction by the finance ministry for October 20, the minister said there is no connection between the auction and Cyprus’ obligations under the project.
He added that the decision to implement the project has already been made and approved by the European Commission.
“Delays create new environments that need constant assessment, but the decision for execution is final,” he said.
