Nicosia: The Great Sea Interconnector (GSI) is moving forward and will pass through Cyprus, with 'everything running normally', Energy, Commerce and Industry Minister Michalis Damianos said on Sunday. Speaking in Xylotymbou, Damianos confirmed the GSI 'will definitely pass through Cyprus', as planned, both on the Cyprus-Crete section and the Cyprus-Israel section, dismissing any reports suggesting the project would proceed without Cyprus' involvement.

According to Cyprus News Agency, the Minister highlighted an agreement between President Nikos Christodoulides and Greek Prime Minister Kyriakos Mitsotakis, which facilitated the entry of a new investor into the project. Additionally, a new due diligence study is anticipated to determine the project's exact cost and decide on its financing strategy. Damianos expressed confidence that 'everything is running normally', while acknowledging that some time is needed for the European Investment Bank to advance with the next steps.

Damianos discussed the project's viability, noting it would depend on the funding that could be secured. If costs become significantly higher, additional investors and resources would be necessary for the project to continue. He mentioned the European Union's allocation of £658 million to the project, emphasizing the need to first establish any changes in cost and ensure its financial viability.

The Minister also addressed the cost implications for Cypriot consumers, indicating that they would contribute to the project through their electricity bills. Therefore, additional funding would be essential to minimize the impact on consumers. Damianos noted the entry of French company Meridiam into the project and highlighted a broader investment interest in the GSI, with foreign investors also showing interest in the Cyprus-Israel section.

'Since there is broader interest, it is a project for which we must find a way to implement it, and not ask whether it will be implemented,' he concluded.