The support of the Republic of Cyprus in the project of the Greece-Cyprus electric interconnection was reiterated by the Minister of Energy, Commerce and Industry of Cyprus George Papanastasiou yesterday, while stressing the need for the project to be sustainable in the long run.

“The project must be viable in terms that one can explain to the citizens. Investors look at the capital performance. Cyprus is interested in reducing the cost of electricity. The different criteria, with the help of the implementing body, should go in the same direction. It is a European project that the EU supports with 657m euros to implement the single electricity market. There is a window of opportunity, which we have to take advantage of, “Papanastasiou said, in his statements on the sidelines of the Athens Energy Summit held in Athens yesterday.

He noted, however, that European participation remains at the same level, while the project budget has increased significantly compared to initial estimates and is close to € 2 billion.

The minister referred to a financial, technical and geopolitical risk, which he said is interconnected, characteristically stating that geopolitical risk can be treated in three ways: either by physical presence of ships, by diplomatic means, or by attracting strong investors with special weight, who respond at the same time to the economic and geopolitical risk.

Asked about the US attitude, Mr Papanastasiou said that an American agent has been repeatedly in favor of the project.

Today, a meeting of the Minister of Environment and Energy T. Skylakakis is expected to meet with Mr. Papanastasiou. Depending on the outcome of the consultations, the issue may be re -introduced to the Cyprus Council of Ministers for a decision.