The Greece-Cyprus power interconnector project is awaiting improved weather conditions to begin seabed surveys, Greek media reported on Thursday, marking a shift from earlier concerns about potential Turkish interference in waters east of Crete.
A navigation notice (NAVTEX) was issued last Friday for surveys north of Crete in undisputed waters, following weeks of speculation about Turkish interventions potentially hampering the project’s progress.
The delays in commencing maritime surveys have reportedly incurred additional costs of approximately 14 million euros, according to Greek media outlets.
These costs reportedly fall outside the 50-50 cost-sharing agreement between Greece and Cyprus, which was contingent on Cyprus’s participation in Great Sea Interconnector’s investment capital.
The Greek government has not issued official statements regarding the survey delays or the postponed NAVTEX issuance.
Energy ministers from both countries are meeting in Athens today, where Greek Minister Skylakakis is expected to deliver a long-awaited response to Cyprus regarding U.S. analysts’ warnings about financial risks for Cyprus under current project conditions.
The response comes after a 5-6 week delay following initial economic risk assessments provided to the Cypriot government regarding its participation in the GSI project.
