Nexans removes Great Sea Interconnector from financial forecasts until 2028

On October 23, 2026, Julien Hueber, CEO of the French manufacturing giant Nexans, announced that the Great Sea Interconnector (GSI) project, linking Greece, Cyprus, and Israel, has been removed from the company's financial projections until 2028. This decision marks a shift in the project's outlook as Nexans seeks to protect its balance sheet from ongoing delays and uncertainties.

During a briefing for analysts following the release of the company's nine-month results, Hueber emphasized a cautious approach, stating that political and diplomatic discussions regarding the project are currently ongoing. He declined to commit to specific timelines, including the possibility of resuming seabed surveys at the end of October or the receipt of 25 million euros by the Republic of Cyprus. The company has mitigated its operational risks by securing other Mediterranean-based projects using MI technology.

While Nexans remains open to future involvement, the project is now officially sidelined in their financial planning for the next four years. The company currently defers to state-level diplomacy to resolve the gridlock that has stalled the interconnector, avoiding potential repetition of the issues faced in 2025.