Cyprus says progress seen in talks with Greece on multi-billion electric cable link

NICOSIA (Reuters) - There has been progress in talks between Cyprus and Greece on the creation of a high-speed electric cable network linking Europe to the Middle East across the Mediterranean seabed, a Cypriot official said on Tuesday.

The so-called Great Sea Interconnector (GSI) seeks to link the transmission networks of Greece via Crete, Cyprus and eventually Israel in a project costing 2.4 billion euros ($2.67 billion). Up to Cyprus, the cable is estimated at 1.9 billion euros.

On completion, it will be the longest, at 1,240 km, and deepest, at 3,000 metres, high voltage direct current (HVDC) interconnector in the world. The European Union has said it is willing to finance part of it, which, at present, is slated to be complete by around 2030.

But the ambitious project touches upon a complex patchwork of overlapping jurisdiction claims between Greece, Cyprus and regional rival Turkey in the Mediterranean, a matter which could resurface in the future.

Cyprus had sought clarity over what it would pay towards the project, and what would happen if 'geopolitical risks' - the potential opposition of Turkey - manifested, leading to delays and possible additional costs.

"Consultations among the parties continued in recent days and there has been progress," Yiannis Antoniou, the deputy government spokesperson, said.

Antoniou said it was possible the matter would be discussed at a cabinet meeting scheduled later Tuesday. It would also be discussed at a meeting between Cypriot President Nikos Christodoulides and Greek Prime Minister Kyriakos Mitsotakis in Athens on Thursday, he told Reuters.

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(Reporting by Michele Kambas; Editing by Sonali Paul)