Navtex planned for Cyprus-Crete cable seabed surveys, Papadopoulos says

Nicosia, Cyprus. A navtex warning sailors of planned seabed surveys for cables between Cyprus and Crete will be issued in the coming days, Diko leader Nicholas Papadopoulos said on Thursday. The surveys are part of the Great Sea Interconnector project.

Geostrategic concerns

Speaking to Politis radio, Papadopoulos said the project carries a geostrategic risk due to Turkey, which claims ownership over parts of the sea through which the interconnector cable is planned to pass.

He said the issue is being addressed by the European Union, Greece and multinational companies interested in investing in the project. French asset management firm Meridiam bought a controlling stake in the project last month.

Costs and benefits

Papadopoulos said the willingness of specialised companies to invest their own capital indicated that they consider the project viable and profitable.

He said that if the electrical interconnection were operating today, electricity from Greece would be approximately 30 per cent cheaper on average than electricity currently produced domestically for Cypriot consumers. He estimated an annual benefit to the Cypriot economy of at least €185 million.

The Republic of Cyprus has agreed to contribute a total of €125 million to the project so far, he said, with investors and European funding expected to cover the remaining cost.

Potential additional contribution

Papadopoulos said the interconnector could bring greater benefits to the Republic of Cyprus than initially calculated. If that occurs, he said, Cyprus could be asked to make a contribution greater than the €125 million it is currently obliged to pay.

He said the interconnection would strengthen competition in the electricity market and allow Cyprus to export green energy to Europe that is currently being lost.

French-Greek discussions

His comments followed discussions on Wednesday between French President Emmanuel Macron and Greek Prime Minister Kyriakos Mitsotakis. Mitsotakis’ office said the two leaders discussed the next steps following Meridiam’s buyout.