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Energy Minister: EuroAsia Interconnector progress hampered by technical, not financial, issues

10:01 - 18 August 2023

Economy

The implementation of the Euroasia Interconnector project is facing technical rather than financial issues, according to statements by the Minister of Energy, Giorgos Papanastasiou.

Despite the difficulties, he said, it is worth it for Cyprus to implement the project, which will end the island's electrical isolation.

Commenting on studies that question the economic viability of the project, as well as the criticisms that have been made, Papanastasiou said that all parametres will be taken into account.

The Euroasia Interconnector project envisages the electrical interconnection of Cyprus with Crete and Athens in the west and with Israel in the east.

The European Commission has given the green light for channeling a fund of €657 million for its construction.

Another €100 million will be made available by the Republic of Cyprus, while the project is estimated to cost a total of €2 billion.

(Source: InBusinessNews)

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