Cyprus and Greece have made progress in talks regarding the creation of a high-speed electric cable network that will connect Europe to the Middle East across the Mediterranean seabed, a Cypriot official announced on Tuesday. The project, known as the Great Sea Interconnector (GSI), aims to link the transmission networks of Greece via Crete, Cyprus, and eventually Israel, with an estimated cost of €2.4 billion ($2.67 billion). Up to the point where it reaches Cyprus, the cost is projected at €1.9 billion.

When completed, the Great Sea Interconnector will become the world’s longest and deepest high-voltage direct current (HVDC) interconnector, stretching 1,240 kilometers and reaching depths of 3,000 meters. The European Union has expressed willingness to partially finance the project, which is expected to be finished by around 2030.

However, the ambitious initiative could face challenges due to the complex patchwork of overlapping jurisdictional claims in the Mediterranean, involving Greece, Cyprus, and regional rival Turkey. Cyprus has been seeking clarity on its financial contributions and the potential impact of “geopolitical risks,” such as Turkish opposition, which could lead to delays and additional costs.

“Consultations among the parties continued in recent days, and there has been progress,” said Yiannis Antoniou, the deputy government spokesperson for Cyprus. Antoniou indicated that the matter might be discussed in a cabinet meeting later on Tuesday and during a meeting between Cypriot President Nikos Christodoulides and Greek Prime Minister Kyriakos Mitsotakis in Athens on Thursday.