The Republic of Cyprus is proceeding according to its plan, Energy Minister, George Papanastasiou, told CNA on Saturday regarding the issue of Cyprus' electricity interconnection, noting that if an arrangement has indeed been made between the implementing body and an investment fund, “it is always good news for a project.”

He said that the Republic of Cyprus, following an assessment it received from a specialised firm, has informed the Greek Energy Ministry in writing of its observations to the proposed agreements submitted by the implementing body, Greece’s independent power transmission operation (IPTO), and that the aim was a meeting between the two Ministries, possibly within next week, to probe the other side’s intentions.

Asked by CNA about reports that French company Meridiam SAS has agreed with IPTO to acquire 49.9% of the Great Sea Interconnector (GSI) project and what this means for Cyprus, the Minister noted that this concerns the entity and the fund.

“If an arrangement has indeed been made with such an investment fund, it is always good news for a project of this size, regardless of the specific project, for the reason that financial resources are found for it to proceed and be completed,” he said.

The Republic of Cyprus, he also said, “we are proceeding as we had planned, we will inform the Greek Government and the (project’s) implementing body at some stage, depending on what we decide with the Greek Government”.

Papanastasiou noted that the Republic of Cyprus has received a preliminary position from an international firm, with some suggestions for amendments to the proposed agreements submitted by the implementing body while adding that Nicosia has informed in writing the Ministry of Energy of Greece, about certain observations.

He also said that his Ministry aims for a meeting, possibly next week, with the Greek Ministry to review one by one these amendment suggestions to probe the other side’s intentions as regards changes.