Energy Minister George Papanastasiou has told the Cyprus News Agency(CNA) that the study in relation to the Euroasia Interconnector project  is expected to be submitted mid November instead of October. He explained that the bidding competition was re-announced and the award of contracts is set to take place next week.

He said that the delay resulted from the procedure that should be followed and included in the regulations of the Republic of Cyprus for validating an offer, so that it is legal.

Papanastasiou told the Cyprus News Agency that the bidding competition for the study should be repeated, so that the project is approved and within the framework that the procedures provide.

He further pointed out that based on the regulations of the Republic of Cyprus, the previous award could not be legitimate.

Energy Minister recalled that the study will concern the assessment of Euroasia Interconnector Ltd in four points concerning the economic viability of the project, its contrast with alternative solutions such as electricity storage in the Cyprus grid, its geostrategic value and the due diligence process.

Replying to a question whether the Republic of Cyprus is waiting for the completion of the study to decide whether to participate in the project, Papanastasiou answered in the affirmative.

Euroasia Interconnector project is an interconnector between the Greek, Cypriot, and Israeli power grids via the world's longest submarine power cable.