Is the Great C Interciner (GSI) submarine power cable project dead in water?
The GSI project, which is priced at € 2 billion ($ 2.36 billion), wants to manufacture a subcuta electric cable connecting Greece and Cyprus and later to Israel.
It aims to integrate the Republic of Cyprus into the European power transmission system and increases the energy security of Greece and Cyprus, member states of the European Union.
But although the project was launched in October 2022 with the aim of completing it by the end of 2023, it is not currently clear whether it will ever come in Actuli.
Project faces many challenges
There are many reasons for current uncertainty. Not only GSI for expensive projects, it is technically difficult and faces large -scale geopolitical challenges. What is more, the European Public Prosecutor’s office has initiated an investigation into potential criminal offenses related to the project.
The current situation is opposite to the launch of the project in October 2022, which seemed so much promising everything. Subsequently, the representatives of Greece, Cyprus and Israel came together for a function, which came to launch to launch for launching 1,208-cilgry (760 mi) in the Mediterranean Sea with three countries.
At a depth of more than 2 kilometers, it was one of the deepest and longest submarine power cables anywhere in the world.
In addition to integrating Cyprus to the European power transmission system, the project is a project to connect energy markets in the European Union and Asia.
The European Union has promised to provide some € 650 million of € 2 billion required for the project.
Tension between regional country in the region
A letter on the map is enough to understand how difficult it is to navigate the difficult situation in the eastern Mediterranean Sea.
Both Syria and Libya are unstable countries. Israel was in a long time Gaza strip and in separate military operations in both Lebanon and Syria. While Türkiye wants to improve its relationship with Egypt, the relationship between Türkiye and Israel is less.
So both members of NATO are Kansida tension between Greece and Türkiye. Cyprus is a divided island, with the northern part of the Türkiye occupied.
All this is that it is very different to secure the consensus required to implement major international projects in the Eastern Mediterranean Sea.
Vague maritime boundaries
Furthermore, marine borders in the region are not always clearly defined, nor are there exclusive economic areas of countries.
Greece does not have an agreement related to delimitation of marine regions with Türkiye and Libya.
Cyprus does not have an agreement with Türkiye. In fact, Türkiye also recognizes the Republic of Cyprus as a state.
Türkiye and Libya signed a treaty in 2019 that ignores the existence of the Crete and Dodecani Islands. This treaty is considered “illegal” by Greece and is not recognized by the European Union.
Egypt has signed a partial agreement with Greece since 2020, which overlaps with some area covered by Turkish-Libyan treatment.
Türkiye wants to say one
All this has an impact on bathimetric surveys that have to be done before the GSI Sabasia cable is laid.
The first phase of the project is to add retrink and cyprarous. In May, Crete’s Greek Island was connected to the Greek mainland grid by a sub -cubble. Relationship with Israel is to be added.
In the last summer, Turkey sent warships to prevent surveys being conducted in water around the Greek island of Kasos. Ankara’s opinion was that the matter should be consulted.
Greece has rejected it and said that according to international law, Turkey does not need to give its approval to proceed to the power cable project, as there is no plan to drill on the seam, just to laying a cable on it.
But Ankara emphasizes that nothing can happen in this region without its consent. So far, this strategy has had the desired effect: no progress has been made on surveys since the summer of 2024.
Reservation in Cyprus
However, Ankara’s goods have not been the only reason for a major delay in the implementation of the GSI project. The government has unexpected voice reservation in Nicosia.
Cyprus recently said that it considers the project to be very expensive and unprofitable.
Cypreet Finance Minister Makes Kervanos said in an interview with newspaper Cathimerini Cyprus On September 2 that “two studies by independent, iconic organizations that come to the conclusion that the project is not in current circumstances.” Hence, Carwanos questioned the Cyprint contribution to the funding of the project.
His comments made the Greek government completely away from the guard in Athens.
Greece Foreign Minister Georgos Grapatritis, who repeatedly emphasized that “the project would be implemented,” Init tried to ignore that the press called Cypreat “bomb”.
He then went to the aggressive, accusing Nicosia of some unspecified “economic interests”.
Grapetritis claimed that the Cyprhat was opposing the energy link between the government and Greece to protect its major position on the Cyprint energy market.
Mitsotakis still supports the project
Speaking at its annual press conference at the Thessaloniki International Fair (TIF) recently, Greek Prime Minister Kirkos Mitsotachis said that a concrete commitment with Cyprus would need to be taken forward.
Mitsotakis prepared GSI as a very imported energy project that would benefit all Cyprus and help end the country’s energy separation.
Hey said that the European Union has recognized the strategic importance of the project and approves liberal financial assistance of over € 650 million to ensure that Cyprus is associated with the European power system.
No concrete commitment to Nicosia was upcoming. It was announced that Cyprus chairman Nicos Christodoulides, in an agreement with Mitsotacis about the need to implement the project, is of European interest, which he said.
Nevertheless, the President did not give any firm pledge that Cyprus would pay € 25 million per year to Admie (or IPTO), the company assigned the work of giving the project.
Possible criminal attacks investigated
In short, the future of the project is in the air, not only due to the danger from Ankara and the danger of objects from Nicosia, but also due to the investigation of the European Public Prosecutor’s Office (EPPO).
As President Christodoulides announced on 3 September, European Chief Prosecutor Laura Kodruta Koovesi has opened an inquiry into potential criminal offices regarding the GSI project.
EPPO is focusing on the period, before the project was sold to Greek Power Grid Operator Edmi by Cyprort Private Private Company Euroaausia Interciner.
The company, which started the project, did not have the necessary expertise, but was supported and funded by the Republic of Cyprus and the European Commission.
Just a few months after joining the project, the European Union’s Directorate General General for energy pushed to remove the EuroAsia interconnector from the project as the company was undone to secure the expected loan.
It was at this point that the Greek operator came on the Admi Board, buying the project from the Eurosia Interconcore in 2023 for about € 48 million.
Investigators of the European Union are focusing on at least one high -ranked political person, his family members, a civil servant in the European Commission and several Cyprint Civil Servants.
This article was the original published in German.