The project manager’s study for the Vasilikos terminal is expected to be delivered on Friday.

The study will be submitted to ETYFA, and based on its findings, the next steps of the project will be determined.

Mr Damianou revealed that the United Arab Emirates have expressed interest in investing in the project, noting that they have a broader interest in energy investments and in Cyprus’ Exclusive Economic Zone (EEZ).

However, he clarified that discussions so far have been preliminary and that all decisions will depend on the study to be delivered, followed by decisions taken by the government.

Speaking on RIK’s Third Radio Programme, Energy Minister Michalis Damianou also assured that there is no issue of collapse regarding the Cyprus–Greece electricity interconnection project.

Mr Damianou stated that in November, the governments of the two countries agreed to update the project’s techno-economic studies in order to make it easier to attract investors.

He stressed that Cyprus and Greece share a common approach on the matter, something he also confirmed during a brief discussion with his Greek counterpart at the recent meeting of European Union Energy Ministers. During that exchange, the two ministers agreed that the project is progressing normally, while similar assurances were also received from Nexans, the company responsible for manufacturing the cable.

At the same time, Mr Damianou underlined that the decision to update the studies was taken jointly by the governments of Cyprus and Greece and is known to the European Commission. He further noted that if the project were not viable, it would not be financed by the European Union.

Michalis Damianou concluded by stating that attracting investments for the project makes it necessary to update its financial data.