Cyprus Energy Minister George Papanastasiou is meeting his Greek counterpart Theodoros Skylakakis in Athens on Friday for crucial discussions about the Great Sea Interconnector (GSI), the entity set to take over the Cyprus-Crete electricity interconnection project from Greece’s power grid operator IPTO.
The talks will focus on the shareholding structure, responsibilities and rights of GSI, with representatives from the Greek Prime Minister’s Office and IPTO joining the discussions alongside officials from the Cypriot Presidency and Ministry of Energy, government officials said.
Cyprus’s Law Office will also be represented at the meeting, though the finance ministry declined to attend despite requests from both the presidency and energy ministry.
Papanastasiou told the Cyprus News Agency that the meeting will address concerns raised by Cyprus’s advisers, U.S. law firm Curtis, Mallet-Prevost, Colt & Mosle LLP, regarding Cyprus potentially becoming a GSI shareholder. “Some observations are significant enough to halt discussions, while others are less critical”, he said.
Philenews reported that the American consultancy firm has warned Cyprus that participating in GSI under IPTO’s proposed concession agreement could expose the state to potential losses worth millions of euros.
The finance ministry has also expressed opposition to GSI participation under current terms.
