A trilateral Memorandum of Understanding (MoU) was signed on Monday by the electricity transmission operators of Greece and Egypt (IPTO and EETC), as well as the agency promoting the power linking of both countries, ELICA.
As the Ministry of the Environment & Energy said, the MoU is yet another step in the direction of implementing the emblematic project GREGY to link the electricity of Greece and Egypt. GREGY is included in the European Union's Projects of Common Interest and Projects of Mutual Interest (PCI/PMI) and in its Global Gateway program for critical infrastructure projects. At the same time, the MoU signing sets on track the next phase of studies for the submarine linkage.
Commenting on the event, Environment & Energy Minister Stavros Papastavrou said GREGY "is of strategic importance for both countries and the entirety of the EU. This interconnection comes under Greece's wider strategy on new energy corridors to the North and South, in full alignment with the direction presented recently by European Commission President Ursula von der Leyen." The project, he underlined, will "upgrade Greece's geopolitical role as an energy hub in Southeast Europe, boost energy security in the greater region, and highlight the great opportunities our bilateral relations afford us."