By Stefanos Evripidou and Yiannis Seitanides
Cyprus is expected to release its €25 million contribution to the Great Sea Interconnector (GSI) once Greece issues a NAVTEX for seabed surveys related to the planned electricity cable, according to Energy Minister Michalis Damianos.
Speaking to Politis, Damianos confirmed reports that Greece is expected to issue the navigation warning during October, paving the way for the next phase of the project.
Payment not tied to EIB review
Damianos said the release of the €25 million does not depend on the completion of the European Investment Bank's due diligence study into the project.
The review, commissioned by Cyprus and Greece, is still expected to be completed by the end of the year.
However, the minister indicated that the payment can proceed as soon as the NAVTEX is issued.
Talks held in Athens
Damianos was in Athens this week for a high-level roundtable organised by the East Mediterranean Gas Forum (EMGF).
During his visit, he held bilateral meetings with Greek Energy Minister Stavros Papastavrou and Egyptian Petroleum Minister Karim Badawi.
The three ministers also met jointly to discuss regional energy cooperation.
Talks with Badawi focused on the Cronos and Aphrodite natural gas fields in Cyprus' Exclusive Economic Zone, while discussions with Papastavrou centred on the next steps for the GSI project.
US backs project
The project continues to face uncertainty due to Turkey's demand to be involved in approvals related to the interconnector.
US Secretary of State Marco Rubio, in an interview with Greek newspaper Kathimerini, described the prospect of a Greek-Turkish conflict as "unthinkable" and said Washington would work diplomatically behind the scenes to prevent tensions linked to the project.
Rubio also stressed the importance of diversifying energy supplies.
“If there is one thing that has become clear in recent months, it is that we need to diversify the way the world obtains energy,” he said, citing developments related to the Russia-Ukraine war, Iran and disruptions in the Red Sea.
He added that the United States remains committed to the project and intends to use diplomatic channels to underline its importance to all parties involved.
