Last chance for the Greece-Cyprus cable (Great Sea Interconnector), with Athens waiting for the response of the Nicosia government on the draft agreement that was built last Tuesday, September 10, at the meeting chaired by the president Nikos Christodoulides and the participation of the Greek minister Theodoros Skylakakis, of ADMIE and Nexans.
The “back and forth” of the Cypriots in the project for the Greece-Cyprus cable has, according to diplomatic sources, upset Athens, Brussels and the French Nexans, so although expectations for the Nicosia cabinet tomorrow, Tuesday the 17th of the month, are positive, however, the other sides also appear cautious.
The agreement for the Greece-Cyprus cable
According to information, the agreement reached by Athens and Nicosia to proceed with the Greece-Cyprus cable during the meeting last Tuesday, the 10th of the month, provides for three points.
And on this, the cabinet of the Christodoulidis government is invited to decide tomorrow and the president of the Republic of Cyprus himself to announce the positive decision to the Greek Prime Minister Kyriakos Mitsotakis during the former’s visit to Athens on Thursday, September 19.
The three points of the agreement are:
- For ADMIE to recover revenues of 125 million euros, instead of 200 million euros, during the construction period. The Cypriot side maintains that this cost will be covered by pollution revenues, while the rest of the revenues to which ADMIE is entitled will be capitalized and recovered upon the start of operation of the electrical interconnection.
- For the Republic of Cyprus to become a shareholder in the electrical interconnection Great SeaInterconnector.
Today, the sole shareholder is ADMIE, which is also responsible for the implementation of the project for the Greece – Cyprus cable (Great Sea Interconnector). Based on the agreement, Nicosia will enter the share capital with 100 million euros, acquiring a share of shares corresponding to approximately 29.5%. - For Greece to increase the percentage of the geopolitical guarantee for the implementation of the Greece-Cyprus cable project. According to information, the ratio between the two countries for the provision of a geopolitical guarantee for the security of the project is 50-50, with Greece increasing its relative participation.
The decisions
The week leading up to the project, which tends to be characterized as a “wire of sighs…” according to a diplomatic source closely following the developments, is critical.
The two milestones are the decision of the Council of Ministers of the Republic of Cyprus, which meets tomorrow, the 17th of the month, and the visit of President Nikos Christodoulidis on Thursday, September 19, to Athens at the Maximos Palace.
During this time and if the Cypriots ratify the agreement, the change of the regulatory framework for the Greece-Cyprus cable is also expected to be unlocked with CERA issuing new decisions.
Of course, this week, the information says, the attitude of the French manufacturers of Nexans will also be redefined.
Source: ot.gr
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