great sea — President Nikos Christodoulides has confirmed that there are no disputes with the Greek government regarding the Great Sea Interconnector (GSI) project. This assurance comes amidst calls from Greek Deputy Prime Minister Kostis Hatzidakis for the Cypriot government to clarify its position on the initiative, which aims to link the energy grids of Cyprus, Greece, and Israel.
During a recent statement, Hatzidakis highlighted the significant benefits the project would bring to Cyprus, particularly in alleviating the island’s energy isolation. The GSI is seen as a critical step towards enhancing energy security and collaboration in the Eastern Mediterranean region.
While the Greek government remains committed to the project, Hatzidakis pointed out that financing should not solely fall on Greek taxpayers. He mentioned the request from Greece’s independent transmission system operator, Admie, for the Cypriot government to contribute €25 million towards the project’s funding. Currently, Cypriot Finance Minister Makis Keravnos has not agreed to this request.
Admie holds a 51 per cent stake in the GSI, making it the majority stakeholder responsible for the project’s implementation. President Christodoulides reiterated the strategic importance of the GSI for Cyprus, emphasising that the sustainability of the project relies on Admie fulfilling its commitments.
On the same day, President Christodoulides revealed that the European Public Prosecutor’s Office (EPPO) has initiated an investigation into potential criminal activities associated with the electrical interconnection project. This inquiry reportedly includes examining bank accounts of politicians, state officials, and civil servants, with allegations of procurement fraud, misappropriation of EU funds, and corruption surfacing.
When questioned about the implications of the EPPO investigation on the GSI’s timeline, the President acknowledged that it might cause delays. However, he stressed that such measures are crucial to maintain the country’s international credibility and ensure transparency in the use of public funds.
As the investigation progresses, the President noted that both the findings of the EPPO and the report from the company overseeing the project are eagerly awaited. The results will provide clarity on the state of affairs concerning both the GSI and the separate investigation into a €101 million corruption case related to the liquefied natural gas import terminal in Vasiliko.
