On Friday, a Memorandum of Understanding (MoU) was signed between Cyprus and Greece to promote the Cyprus–Crete Electric Interconnection. The MoU was signed by Cyprus' Minister of Energy, Commerce, and Industry, George Papanastasiou, and Greece's Minister of Environment and Energy, Theodoros Skylakakis. According to a joint statement from both Ministries, based on the MoU and decisions taken by the regulatory authorities of both countries, the project is expected to restart in the coming days.

The signing follows the recent decisions made during a meeting in Athens between the President of Cyprus, Nikos Christodoulides, and the Prime Minister of Greece, Kyriakos Mitsotakis, according to an official statement.

The MoU outlines that the Cyprus–Crete Electric Interconnection will help eliminate Cyprus' energy isolation by connecting its national electricity transmission system with trans-European networks. The project is described as strategically important not only for Cyprus and Greece but for the entire European Union, as it will connect Cyprus to Europe’s electricity grid, facilitating its energy transition, while also advancing Greece’s goal to become a corridor for clean energy.

In the meantime, the Republic of Cyprus is in advanced negotiations with the United Arab Emirates to form a joint company to invest in the interconnection project. There is also interest from the U.S. and Qatar, as confirmed by President Christodoulides in a televised interview with Greece's OPEN Beyond channel, broadcast on Saturday morning.

President Christodoulides discussed, among other topics, the Cyprus-Greece electric interconnection, current geopolitical developments, and his relationship with the Greek Prime Minister, Kyriakos Mitsotakis.

When asked about the discussions between Cyprus and Greece on the electric interconnection, President Christodoulides emphasized the importance of the consultations, some of which took place with both him and the Greek Prime Minister present. He noted that the last meeting, held privately in Nicosia at Cyprus' initiative, was crucial in reaching the initial decision.

Speaking about the interconnection, President Christodoulides expressed Cyprus’ interest in participating in the project's equity. He added that a final decision would be made soon, pending full evaluation of key data.

The President highlighted the significance of the project's contracts, stating that while part of the project has yet to be signed, the first draft contracts are expected shortly. He stressed that the contracts are directly linked to the project's cost, emphasizing that “we cannot afford to make any decisions that would transfer costs to consumers.”

Additionally, President Christodoulides revealed that Cyprus is in advanced talks to form a joint company with the UAE, as there is interest in investing in the interconnection's equity. He added, “Similar interest has been communicated to us by the U.S. government and Qatar.”

When asked whether those investing in the interconnection project would act as allies of Cyprus and Greece in case of a threat from Turkey, President Christodoulides said, “Investors certainly have a vested interest in the project's success once they commit to it.” He further clarified that the sovereign rights of both Cyprus and Greece are not under dispute, pointing out that “the project is largely funded by the European Union as it is a project of common interest.” He reiterated that neither Greece nor Cyprus challenges their sovereign rights, nor do they accept Turkey’s claims.

When questioned about his open communication with the Greek Prime Minister and whether there were any disagreements over the interconnection, President Christodoulides responded, “We speak openly and frequently about this issue. While we may have different approaches, we resolve them through dialogue.”

When asked about his relationship with the Greek Prime Minister, Christodoulides said, “Historically, relations between Athens and Nicosia have been complex, especially since the founding of the Republic of Cyprus. There hasn’t always been the level of transparency needed between two brotherly states.” He added that since taking office, “there has been complete transparency” with Prime Minister Mitsotakis, emphasizing that while there are differences, “we always find common ground through dialogue.”

Moreover, on Saturday, President Christodoulides held a phone conversation with French President Emmanuel Macron, discussing developments in the Eastern Mediterranean and the Great Sea Interconnector. The two leaders agreed on a joint Cyprus-Greece-France meeting in New York during the upcoming United Nations General Assembly.

According to a statement from the Cypriot Government Spokesman, Konstantinos Letymbiotis, the two leaders expressed concern over potential further destabilization in the Eastern Mediterranean and discussed ways to de-escalate tensions. They also emphasized the significance of the Cyprus-Greece interconnection as a project of common interest for achieving the EU’s energy goals.

In the same context, it was agreed that President Christodoulides, Prime Minister Mitsotakis, and President Macron would hold a tripartite meeting in New York next week, alongside the UN General Assembly.

The discussion also touched upon the upcoming MED9 Leaders' Summit in Paphos on October 11, which will be attended by President Macron.