The Ministry of Energy, Commerce and Industry, the Independent Power Transmission Operator of Greece (IPTO) and the National Energy Company of Abu Dhabi PJSC (TAQA) signed a Memorandum of Understanding on Monday, for cooperation in the electrical interconnection between Cyprus, Greece and Israel, the EuroAsia Interconnector.

The MoU was signed in Dubai, on the sidelines of the 28th United Nations Climate Change Conference (COP28). The aim is for Cyprus Ministry and TAQA to engage in discussions with IPTO in order to examine the possibility of participating in the share capital of the new special company that will take over as the Implementation Body of the project, under the name "Great Sea Interconnector".

The MoU provides for the set up of an advisory committee that will meet twice a month, and in which two members from each party will participate and an additional person from IPTO will serve as the coordinator.

Energy Minister Giorgos Papanastasiou signed the MoU on behalf of Cyprus. President and CEO of IPTO Manos Manousakis and the CEO of TAQA Group Jasim Husain Thabet co-signed.

Speaking at the signing ceremony Papanastasiou pointed out that the Cypriot government welcomes the signing of the Memorandum, which is another key milestone for the implementation of the electrical interconnection.

He recalled that this is an EU Project of Common Interest, which has already been approved for a €657 million grant from the Connecting Europe Facility.

The Minister noted that the interconnection is vital for Cyprus, as its construction will lift the island's ongoing energy isolation.

He explained that the project is also key to achieving the broader goals of Cyprus' energy strategy in relation to strengthening its energy security, reducing the cost of electricity for the benefit of the competitiveness of our economy, as well as accelerating the green transition.

He furthermore noted that Cyprus, which is currently evaluating its active participation as a shareholder in the project, is convinced that the strategic involvement of distinguished and experienced bodies such as IPTO and TAQA can ensure its timely completion.