Energy Minister Natasa Pilides told Daily News Egypt the cost of the EuroAfrica interconnector project costs €2.5 bln, including €1.5 bln to connect Crete with Cyprus and €1 bln to connect the island with Egypt.
She said the current period is witnessing discussions and completing technical studies related to the project. During the next few months, there will be developments regarding the project.
Pilides said the electrical interconnector between Egypt and Cyprus contributes to the delivery of Egyptian electricity to Europe.
The goal is to connect Africa with Europe through this connection and cooperate with Greece and Israel to create a connection between Asia and Europe.
Last year, Egypt signed two memoranda of understanding (MoUs) with Cyprus and Greece to start studies on establishing a tripartite electrical interconnection with a total capacity of 2,000 megawatts, and it was agreed to assign advisory tasks to a private company.
Egypt is looking to consolidate its role as a regional energy centre in the eastern Mediterranean in light of its capabilities and enhance cooperation with Cyprus.
Pilides said Cypriot companies are interested in investing in Egypt, including petroleum, renewable energy, hydrogen, and information technology.
She said that Egypt has achieved great development in electricity and renewable energy and has vast lands to accommodate the establishment of more solar and wind energy plants.
Therefore, it is possible to cooperate with Cypriot companies in implementing such projects.
During her two day visit to Egypt, Pilides met the Egyptian Minister of Electricity and Renewable Energy Sources, Dr Mohamed Shaker El – Markabi.
She discussed ways to promote joint projects for RES, such as floating photovoltaic parks and projects for energy storage.
They also assessed the course of work for the EuroAfrica Interconnector and attended the first meeting of the technical committee set up following an MoU signed between Cyprus and Egypt in October 2021.
Pilides met Petroleum Minister Tarek El Molla to discuss developments in the energy sector following the war in Ukraine and the necessity to set up an energy corridor in the eastern Mediterranean for energy security in Europe.
They also discussed the progress made by the technical groups set up to discuss the natural gas pipeline, which will transfer natural gas from the Aphrodite gas field to Egypt.