Cyprus Energy Minister George Papanastasiou said on Friday that Greece’s latest proposal for an electrical interconnection project largely addresses Cyprus’s main concerns, though a final decision remains pending.
Speaking to Alpha TV, Papanastasiou said his initial review of a detailed memorandum, delivered Thursday by his Greek counterpart, indicates positive responses to key issues raised by Cyprus.
The Greek transmission system operator’s (IPTO) response to concerns raised in a due diligence study by U.S. law firm Curtis, Mallet-Prevost, Colt and Mosle LLP will be forwarded to the firm for evaluation.
Cyprus’s decision regarding potential participation in Great Sea Interconnector’s share capital will be determined after receiving the U.S. firm’s assessment of IPTO’s positions, a process expected to take considerable time.
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