NICOSIA (Reuters) – There was progress in talks between Cyprus and Greece on the creation of a high-speed electrical cable community linking Europe to the Center East throughout the Mediterranean seabed, a Cypriot official mentioned on Tuesday.
The so-called Nice Sea Interconnector (GSI) seeks to hyperlink the transmission networks of Greece through Crete, Cyprus and ultimately Israel in a undertaking costing 2.4 billion euros ($2.67 billion). As much as Cyprus, the cable is estimated at 1.9 billion euros.
On completion, it is going to be the longest, at 1,240 km, and deepest, at 3,000 metres, excessive voltage direct present (HVDC) interconnector on the planet. The European Union has mentioned it’s prepared to finance a part of it, which, at current, is slated to be full by round 2030.
However the formidable undertaking touches upon a fancy patchwork of overlapping jurisdiction claims between Greece, Cyprus and regional rival Turkey within the Mediterranean, a matter which may resurface sooner or later.
Cyprus had sought readability over what it might pay in the direction of the undertaking, and what would occur if ‘geopolitical dangers’ – the potential opposition of Turkey – manifested, resulting in delays and attainable further prices.
“Consultations among the many events continued in latest days and there was progress,” Yiannis Antoniou, the deputy authorities spokesperson, mentioned.
Antoniou mentioned it was attainable the matter could be mentioned at a cupboard assembly scheduled later Tuesday. It might even be mentioned at a gathering between Cypriot President Nikos Christodoulides and Greek Prime Minister Kyriakos Mitsotakis in Athens on Thursday, he instructed Reuters.
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(Reporting by Michele Kambas; Modifying by Sonali Paul)
