great sea — President Nikos Christodoulides has confirmed that there are no disagreements with the Greek government regarding the Great Sea Interconnector (GSI) project, a vital initiative aimed at connecting the energy grids of Cyprus, Greece, and Israel.
His remarks come after Greek Deputy Prime Minister Kostis Hatzidakis urged the Cypriot government to clarify its stance on the GSI during a press conference. Highlighting the project’s significance, Hatzidakis noted that Cyprus stands to gain substantially from the interconnector, which would alleviate the island’s current energy isolation.
Despite the enthusiasm surrounding the project, Hatzidakis pointed out a crucial financial concern, stating that the costs of the GSI cannot rely solely on Greek taxpayers. He stressed the need for shared funding, with a particular reference to a request made by Greece’s independent transmission system operator, Admie, for the Cypriot government to contribute €25 million towards financing the project. This request has faced resistance from Cypriot Finance Minister Makis Keravnos, who has yet to give his consent.
Admie holds a 51 per cent stake in the GSI, making it the majority stakeholder and responsible for its execution. President Christodoulides reiterated the strategic importance of the project for Cyprus and expressed confidence in Admie’s commitment to fulfilling its responsibilities. He emphasised that the sustainability of the GSI hinges on Admie meeting its obligations.
In a related development, the President revealed that the European Public Prosecutor’s Office (EPPO) has initiated an investigation into potential criminal offences linked to the electrical interconnection project. This announcement came after an earlier inquiry into an alleged €101 million corruption case involving the liquefied natural gas (LNG) import terminal in Vasiliko.
Christodoulides acknowledged that the EPPO investigations may be causing delays in the implementation of both projects. However, he asserted that these delays are necessary to maintain the country’s international reputation and ensure transparency in the management of public funds. The investigation, which began in March 2024, is reportedly scrutinising bank accounts of various politicians, state officials, and civil servants, amidst allegations of procurement fraud and misappropriation of EU funds.
While the EPPO has remained tight-lipped about specific details, sources suggest that a court request to lift bank confidentiality has revealed significant evidence currently under examination in Luxembourg. As the investigations unfold, both governments are keenly awaiting results that could impact the future of the GSI and the broader energy strategy for Cyprus.