Work is ongoing in the Council of Ministers of the Republic of Cyprus (according to information from Phileleftheros of Cyprus), possibly even today the response of Nicosia on the changes requested by IPTO and the Greek government.

Last minute consultations of the Greek and Cypriot sides on the major issue of the electrical interconnection between the two countries, a project for the implementation of which Tel-Aviv has clearly positioned itself in favour of, as it includes the prospect of (co)connecting Israel to the Great Sea Interconnector. 

According to the latest information, Athens wants to close within the week the issue of the participation of the Cypriot State in the share capital of the operator/GSI, with a sum of about €100 million (corresponding to a 30% stake in the m.k.).

developments at the political level in Nicosia and Athens, but also those that investment interests with a presence in the "energy sector" closely monitor. It is common ground in the energy community that if an agreement is reached for the implementation of the project—and despite the objective difficulties—a wider area of cooperation with direct and indirect beneficiaries will be opened up.

From ΙPTO and companies listed on the stock exchange that will assist in know-how and supply of material to synergies with Nexans, the manufacturer of the specific project. In this respect, stock market circles attributed the rise in IPTO's share price up to €2.28, and even with particularly increased trading in inflows/outflows with a logic of discounting the achievement of a deal. The 588k shares that changed hands (yesterday Monday) in a price range of €2.175-€2.28 is more than three times the weekly average for the "paper,"  with whatever that might mean more broadly.

Sources close to the operator's management noted to BNB Daily that once the Cypriot government decides to acquire a shareholding in the "special purpose" company, the message will be sent that the Republic of Cyprus fully supports the project.

For IPTO, such a development will have a positive impact on a number of issues related to the financing of the project (sources, capital costs, participation of banks, investment portfolios, etc.) with the possibility of the participation of the European Investment Bank. It should be noted that the EIB has a pending request for a loan (and financing line) with interest rates much lower/cheaper than those of the Greek and Cypriot banks.  Therefore, even today there may be news from Nicosia. With yesterday's outperformance for IPTO's shares on the stock exchange bodes well for a successful outcome.