'The Electricity Connection will contribute towards lifting the energy isolation of Cyprus and connecting the national electricity transport system with the respective European ones. A work of strategic importance for Cyprus, Greece, but also the whole of the EU,' a joint statement read.
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00:00Cyprus hopes to join the European power grid by 2028 or at the latest 2030, following an
00:09interstate agreement signed with Greece.
00:13After months of negotiations and finalized by the Cypriot president during a visit to
00:18Athens, the deal was signed by energy ministers from Greece and Cyprus this weekend.
00:26Cyprus' energy lions will be joined to Crete and then pass through the Mediterranean to
00:31mainland Greece and the rest of Europe.
00:35The goal of the project will be contributing towards lifting the energy isolation of Cyprus
00:41as well as promoting the Greek strategic goal of becoming a clean energy transit hub.
00:51Reaching the agreement proved a challenge amidst delays and disagreements between both
00:56parties.
01:01Points of contention included final shared costs, due diligence and cost-benefit considerations.
01:09However, rapid progress was made over the past few weeks in bridging the gap and working
01:16out a deal.
01:20The cable will link networks from Europe and Cyprus in a project costing 1.9 billion euros
01:27and later stretched to Israel.
01:32The European Union will fund it with the sum of 657 million euros.