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Greece Reaffirms Commitment to Great Sea Interconnector Amid Rising Geopolitical Tensions

Steadfast Progress on a Pan-European Initiative

Greek Foreign Minister Giorgos Gerapetritis unequivocally declared on Monday that the Great Sea Interconnector project will proceed without interruption. Designed to link the energy grids of Greece, Cyprus, and Israel, this ambitious endeavor is firmly entrenched within the framework of a broader European initiative, as confirmed during his dialogue on television with channel Open.

Unyielding Assurance Amid Regional Concerns

Addressing questions about potential international maritime notifications (Navtex) in advance of autumn surveys, the minister dismissed any anticipated complications, stating that there is “absolutely no reason for concern.” The Greek administration remains committed to continuity, emphasizing that surveys will persist as scheduled.

Defending Sovereign Rights and Strategic Interests

Gerapetritis underscored that the establishment of electrical cables is safeguarded under international law—a principle that guarantees its protection against any interference. He warned that any attempt by Turkey, which aspires to European Union membership, to derail a pan-European project would have significant consequences. In a firm tone, he attested that Greece is fully prepared to exercise all sovereign rights in its territorial waters, including deploying necessary measures if Turkish naval forces encroach upon areas designated for sea-bed surveys and cable laying.

Enhancing Geopolitical Position in the Mediterranean

The minister’s remarks come as part of a broader policy aimed at elevating Greece’s geopolitical standing in the Mediterranean region. With strengthened alliances and a strategic outlook, Gerapetritis noted that Greece is in a more advantageous position now than it was two years prior, in spite of persistent regional challenges.

Context and Contemporary Challenges

These comments follow recent assertions made by Cypriot Finance Minister Makis Keravnos, who cited studies suggesting that the interconnector project faces sustainability hurdles due to geopolitical risks—specifically attributing the delays in seabed surveys to Turkish actions. Earlier reports pointed to possible plans for an alternative route via the Dodecanese islands, although Greek officials have consistently refuted these claims.

Forward-Looking Strategy

In the face of technical, fiscal, and geopolitical uncertainties, Greece continues to demonstrate resolve in advancing the project. Significant investments, including contracts with French technology firm Nexans for submarine cable manufacturing, underscore the commitment to ensuring that critical energy infrastructure projects are not thwarted by external pressures.

Ultimately, the minister’s assurances reflect a broader commitment to not only overcoming immediate geopolitical obstacles but also reinforcing Greece’s role as a key player in the future of European energy security.

Competition Authority Launches Comprehensive Review of ExxonMobil Cyprus Acquisition

Investigation Initiated Over Strategic Acquisition

The Competition Protection Authority has commenced a thorough investigation into the acquisition of ExxonMobil Cyprus Limited’s share capital by Petrolina Holdings Public Ltd through Med Energywise Ltd. This inquiry was formally initiated following a session held on 10 September 2025, after an in-depth review of the pertinent report by the Authority’s Service.

Concerns Over Market Compatibility

Authorities have expressed serious concerns regarding the compatibility of the transaction with established competitive practices. The review indicates that the acquisition may affect several critical petroleum markets, both horizontally and vertically, thereby raising the potential for adverse impacts on market dynamics.

Horizontal Market Dynamics

On the horizontal front, potential effects have been identified in the import market for petroleum products, as well as in both wholesale and retail distribution channels of these products. The consolidation is believed to increase the risk of price rises and coordinated actions, given the direct competitive proximity between Petrolina and ExxonMobil.

Vertical and Adjacent Market Implications

Vertical aspects of the merger are also under close scrutiny. The new entity could restrict competitors’ access to critical infrastructure such as storage facilities, supply channels, and customer bases. These restrictions could further affect the onshore distribution of fuels, the wholesale market for lubricants, and specialized technical services connected with fuel station operations.

Local Market Considerations

Particular attention is being paid to the potential concentration in the retail fuel market. The investigation suggests that a reduced competitive landscape within a four-kilometer radius of the companies’ fuel stations could lead to diminished local competition, adversely impacting consumer prices and options.

Next Steps and Industry Impact

The Competition Protection Authority, which reached a unanimous decision to pursue a full investigation, remains open to submissions from parties that might be affected by this transaction, as mandated by current legislation. A final decision is expected within four months upon receipt of all necessary evidence, potentially setting a significant precedent for future market consolidation cases in the energy sector.

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