The continued ambiguity of the Cypriot government regarding the Great Sea Interconnector keeps raising eyebrows. While the energy ministries of Greece and Cyprus remain in constant communication on the matter, and Energy Minister Giorgos Papanastasiou expressed optimism about the project during his participation in the Athens Energy Summit 2025 last week, a statement today by Finance Minister Makis Keravnos has sparked fresh uncertainty about the government’s official stance. Specifically, on Tuesday, Keravnos stated that he is not particularly optimistic about the project, citing significant political obstacles posed by Turkey.

When asked on the sidelines of the Annual General Assembly of the Cyprus Hotel Association whether he had seen the response letter from the Greek Minister of Energy to the Cypriot government regarding the GSI, Keravnos said he had not been informed on the matter. He clarified that the issue is being handled by the Minister of Energy and, therefore, he could not provide further details.

Regarding his concerns about the project, Keravnos noted that these concerns have been validated by expert studies commissioned for the project’s assessment. "Therefore, these concerns must now be discussed further," he remarked.

He added that a dialogue is already underway between the Energy Ministers of Cyprus and Greece. Once a conclusion is reached, the government will discuss the matter to determine the next steps.

When asked if he is optimistic that the issue will be resolved, the Minister replied, "I cannot say I am optimistic, especially given the severe political problems and obstacles that Turkey continues to pose."

In response to whether Cyprus should consider the recommendations of the U.S. firm conducting the study, which suggested that Cyprus should not invest in the project’s equity, Keravnos stated that consultants are utilized by both governments and other stakeholders, and their opinions are carefully weighed in decision-making processes.