![]() “This is a significant landmark regarding the three countries’ strategic choices which upgrades the region’s energy goals,” the statement said. The minister said beyond the project’s geopolitical weight, it will ensure Cyprus’ energy security, boost competitiveness in the power supply sector and help the island nation more easily transition to a green economy.Ĭypriot President Nicos Anastasiades said in a statement that the cable “tangibly underscores the significance of the three-way cooperation between Cyprus, Greece and Israel.” Negotiations to transfer the funds are expected to wrap up this summer. Pilides said the money enables crews to start constructing the segment of the cable that will connect Cyprus with the Greek island of Crete whose total cost is estimated at roughly 1.6 billion euros ($1.8 billion). Pilides told reporters the funding is Cyprus’ largest-ever investment as well as the lion’s share of the total sum that the EU’s Connecting Europe Facility, which bankrolls infrastructure projects, has allocated to a single project this year. ![]() NICOSIA, Cyprus (AP) - The European Union has earmarked 657 million euros ($736 million) for the construction of a 2,000-megawatt undersea electricity cable that will link the power grids of Israel, Cyprus and Greece, Cypriot Energy Minister Natasa Pilides said Thursday. Please look at the time stamp on the story to see when it was last updated. ![]() Both sides cite a range of decadeslong treaties and international agreements to support their conflicting territorial claims.This is an archived article and the information in the article may be outdated. Turkey, which has the longest continental coastline in the Eastern Mediterranean, has rejected maritime boundary claims made by EU members Greece and the Greek Cypriot administration, stressing that these excessive claims violate the sovereign rights of both Turkey and the Turkish Cyprus. i24 News - Israel, Cyprus, and Greece on Monday signed an initial agreement on laying the world's longest undersea power cable linking their electricity grids. Greece's burgeoning arms program is designed to counter Turkish rights in the Eastern Mediterranean, against which France is among the few EU states to have offered public support in past months. Greece has often been embroiled in tensions with neighboring Turkey over a range of issues, from competing claims over hydrocarbon resources in the Aegean Sea to the demilitarization of islands. Israel, Cyprus and Greece signed a Memorandum of Understanding (MoU) on Monday regarding a project to link their power grids via the construction of the. NICOSIA, Cyprus Israel, Cyprus and Greece on Monday signed an initial agreement on laying the world’s longest undersea power cable linking their electricity grids. Turkey’s view, however, is that any project that aims to sideline the rights of Turkey and the Turkish Republic of Northern Cyprus (TRNC) in the Eastern Mediterranean will be unsuccessful. Wednesday, 10 March 2021 Israel, Cyprus and Greece signed a Memorandum of Understanding (MoU) on Monday regarding a project to link their power grids via the construction of the world’s longest and deepest undersea power cable. ![]() ![]() Greek Cypriot President Nicos Anastasiades said last week that studies on the pipeline’s feasibility were still ongoing, but other alternatives are open to get gas to markets.Įarlier, the United States voiced its concerns over the planned subsea pipeline to provide natural gas from the Eastern Mediterranean to Europe in an apparent U-turn from the previous Trump administration's position. Support for the so-called East Med pipeline project has waned amid questions over its feasibility as well as its adverse impact on the environment. The move toward an electricity cable link appears to have supplanted plans for a potential pipeline connection between the three countries to send gas from existing and potential deposits off the island of Cyprus and Egypt to Europe through Greece. Turkey had previously sent a diplomatic note to the Greek and Israeli embassies in Ankara and the EU Turkey delegation directorates because the EU-supported project, which was established with a memorandum of understanding signed between Israel, Greece and the Greek Cypriot administration in March last year, passes through Turkey's continental shelf in the Eastern Mediterranean, between the islands of Cyprus and Crete. ![]()
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