The great importance of the Great Sea Interconnector (GSI) project was noted by Minister of Energy, Commerce and Industry, George Papanastasiou, during his speech at the Economist Conference, held in Lagonisi, Attica.

Papanastasiou also underlined the great importance of the project for the energy security of Cyprus and the wider region, as well as for the acceleration of the green transition. “Our experience from the recent energy crisis created by the disruption of natural gas flow in Europe has highlighted the crucial importance of energy independence and stability”, he stressed, noting that the EU pushed for the promotion of green transition at a time when the technology was not mature to support it.

"We have to take seriously the cost of energy for citizens and the competitiveness of the economy. Green energy must support competitiveness," he said.

The Cypriot Minister explained that energy production is no longer simultaneous with consumption, which makes it necessary to transfer and store energy from production regions, such as the Mediterranean, the Aegean, North Africa and the Middle East, to consumption regions. 

He added that the geopolitical position of Cyprus is being upgraded as an energy hub in the Eastern Mediterranean as the dynamic development of Renewable Energy Sources in the production regions requires the creation of strategic interconnections such as GSI and GREGY (Greece - Egypt).

Referring to the assumption of the EU Presidency by Cyprus on 1 January 2026, Mr. He expressed the view that the European Green Deal should be re-evaluated to emphasise primarily the strengthening of the competitiveness of the European economy and secondarily the fight against climate change.

Papanastasiou participated in a panel in the framework of the “29th Round Table Discussion with the Greek Government”. The same panel also included the Minister of Environment and Energy of Greece, Stavros Papastavrou, the CEO of Hellenic Energy, Andreas Siamisis, Geoffrey Pyatt, former US Ambassador to Greece and Ukraine, and former US Assistant Secretary of State for Energy Resources, as well as other Ministers and leading representatives of European and international energy stakeholders.

CAN/AZA/EPH/2025

ENDS, CYPRUS NEWS AGENCY