Developments in the Great Sea Interconnector project and Aphrodite gas field

Authorities have granted the necessary permits for maritime surveys regarding the Great Sea Interconnector (GSI) project, which aims to link the power grids of Greece, Cyprus, and Israel. Greece is expected to issue a NAVTEX between October 23 and 26 to facilitate the deployment of the French-flagged vessel Abeille Marengo, which will conduct seabed research. This milestone triggers the disbursement of 25 million euros from the Republic of Cyprus. Minister of Energy Michalis Damianos confirmed that this payment will not impose additional costs on electricity consumers.

Simultaneously, the development of the Aphrodite natural gas field faces new complications as operator Chevron has reportedly raised its financial demands regarding transport costs through Egyptian waters. These demands are said to be nearly triple the previous projections, further jeopardizing the timeline for reaching a final agreement by the end of the year. Outstanding issues remain regarding pipeline transit fees, a binding sales agreement with Egyptian authorities, and unresolved boundary disputes with Israel.