Skip to content
The white cable-laying ship Global Sentinel at sea

I Geo-Economics & Chokepoints·Analysis·Türkiye and Its Neighbourhood

The Crete–Cyprus cable is blocked by contested seabed, not engineering

France's idea of postponing the Great Sea Interconnector made the headlines. The project was already slipping before the Libya vote. Some 40% of the survey work sits on seabed that Türkiye disputes, and Cyprus has tied its payment to a navigational warning.

Türkiye & Neighbourhood Desk · 27 October 2026 · 8 min read · 8 sources

Submarine cable-laying ship Global Sentinel (2008) — archive photoPhoto: Nc tech3 / Wikimedia Commons · CC BY-SA 4.0 · resized · Source

Why it matters

Noise: the French postponement idea reported by Ta Nea, with no official confirmation from Paris and Athens refusing to move the timetable. Signal: Cyprus will release the first 25 million euros only once the survey NAVTEX is issued, and Fidan has tied his non-objection to written notification carrying coordinates. The cable's financing no longer hangs on an engineering schedule but on how Athens answers Ankara's demand for notification. The Libya vote gave that demand a signed treaty to stand on.

Implications

  • On 20 October the Cypriot regulator pushed the GSI completion target from January 2030 to January 2031 and said the budget of 1.9 billion euros would be exceeded.
  • Of the roughly 900-kilometre route between Crete and Cyprus, 280 kilometres have been laid; about 40% of the seabed surveys and 6 months of work remain.
  • Libya's parliament ratified the 2019 memorandum unanimously on 20 October; on 24 October Türkiye issued a NAVTEX for the Mersin–Girne pipeline valid until 31 December.

Noise

France is postponing the Crete–Cyprus cable.

Signal

The Cypriot payment and the Turkish objection now hang on the same condition, the survey NAVTEX.

Signal vs Noise ›

Map: The Crete–Cyprus cable is blocked by contested seabed, not engineering

The noise is in Paris, the signal is in the payment condition

According to a Ta Nea report carried by Türkiye Today on 24 October, France has proposed postponing the Great Sea Interconnector (GSI), the cable that would link Greece and Cyprus. Athens refused any change to the timetable. As of 26 October there is no official statement from France, and the story rests on a single Greek newspaper. The headline has stayed with that dispute.

The real information sits in the money. Greek City Times reports that Cypriot President Christodoulides said he would release the first 25 million euros once a NAVTEX, the navigational warning to mariners, is issued for the surveys. Middle East Monitor puts the Cypriot commitment at 25 million euros a year for 5 years, up to 125 million euros in total. The payment is tied to the navigational warning, and the warning in turn depends on survey work becoming possible in an area Türkiye disputes.

Constraint 1 · The cable must cross seabed whose ownership is disputed

Middle East Monitor describes a first phase running 898 kilometres from Crete to Cyprus with installed capacity of up to 1,000 megawatts. The EU's Connecting Europe Facility has allocated a grant of 657 million euros to the project. Greek City Times reports that 280 kilometres of the route have been laid and a further 232 kilometres manufactured but not laid. Roughly 60% of the seabed surveys are complete; the remaining 40% will take about 6 months.

The work that remains lies precisely in the contested waters. A SigmaLive report on 28 September identifies the next sensitive stage as the waters east of Kasos and Karpathos. In July 2024 Turkish warships shadowed a survey vessel off Kasos and the work stopped. On 15 August Türkiye declared a Fethiye–Kaş marine protected area south of Meis. Athens and Paris were reported to be discussing a light redesign to move the route away from that zone.

Constraint 2 · Schedule and cost are pricing the political risk

Greek City Times reports that Lemonaris, chairman of the Cyprus Energy Regulatory Authority, pushed the completion target to January 2031 on 20 October. Lemonaris said the final cost depended on the remaining surveys and would certainly exceed 1.9 billion euros. Middle East Monitor puts about 63% of the capital cost on Cyprus and 37% on Greece. France's Meridiam holds 66% of the project company and the Greek grid operator IPTO holds 34%.

Manufacturing is pricing the same risk. Nexans chief executive Hueber said cable production might not restart before 2028, with the plant committed to another project until the middle of 2028. On his account the company's forecasts are unchanged out to 2028 whether GSI proceeds or not. Even if the French postponement idea is never confirmed, the project has in practice entered a holding pattern.

Why now · The Libya vote anchored Ankara's objection in written law

According to Türkiye Today, Libya's House of Representatives ratified the 2019 memorandum unanimously on 20 October and annulled two rejections passed in 2020. Approval from the eastern administration gives Türkiye's objection east of Crete a document signed by two states to rest on. Hürriyet Daily News reports that Greece and Egypt have agreed in principle to open talks on extending their own exclusive economic zone (EEZ) agreement eastwards.

In Athens the cost landed in domestic politics. A Kathimerini report carried by Hürriyet Daily News quotes the governing party spokesman Keridis calling the development a 'political defeat'. Anadolu Agency reports that on 26 October Erdoğan called on those who would exclude Türkiye from the Eastern Mediterranean to respect the joint will of Türkiye and Libya. Greek City Times reports that Fidan said on 22 October that Türkiye would not object if it received written notification carrying coordinates. Foreign Minister Gerapetritis countered that Greece is the only country whose permission is needed.

What it means for Ankara

Rather than stop the cable, Türkiye is trying to write the terms on which it passes. Haber Kıbrıs reports that on 24 October Türkiye issued a NAVTEX covering 12 points and valid until 31 December, for a natural gas pipeline of roughly 101 kilometres from Mersin to Girne. Two rival pieces of infrastructure are therefore competing through navigational warnings in the Eastern Mediterranean in the same months.

Fidan's formula offers Ankara a cheap win. If the notification is accepted, Türkiye acquires a de facto right of consent; if it is refused, Athens and Nicosia pay the cost of delay. Greek media report that the Abeille Marengo will reach Heraklion on 27 October and that the Greek NAVTEX is expected in early November. That date is the first threshold at which both sides will test their cards at sea.

What would disprove this reading

If Greece issues its NAVTEX without a counter-warning from Türkiye, and the survey east of Kasos begins without interruption within 2 weeks, the demand for notification will prove not to be a de facto veto. A Cypriot payment of 25 million euros made without the NAVTEX condition would likewise show that the financing has been decoupled from Turkish risk. An official postponement announcement from Paris or from Meridiam would, conversely, confirm that the constraint has slipped out of Athens's control.

Probabilities

Scenarios

ScenarioProbabilityTriggerMarket impact
H1Tension at sea, another postponement50%The Greek NAVTEX is issued without notification and Türkiye answers with a counter-NAVTEX and vessel surveillance.The survey east of Kasos stops, Cyprus holds back its payment and the schedule slips beyond 2031.
H2Indirect notification formula35%Nexans or France passes the coordinates to Ankara and Türkiye does not object.The survey advances within a limited area, the cost becomes clear and the project holds its 2031 target.
H3Crisis and suspension15%Greece extends its territorial sea to 12 miles south of Crete, or France formally suspends the project.GSI freezes in practice and a sanctions debate opens in the EU's relations with Türkiye.

Module A

Constraints Matrix

STRUCTURAL AVG 4.0 · TACTICAL AVG 3.0Structural constraints dominate: the outcome is set more by these limits than by the actors' preferences.

Hard structural constraintspersistent · beyond the actors' will

  • Overlapping maritime jurisdiction claims · Türkiye

    5/5

    Libya's parliamentary ratification on 20 October gave the Türkiye–Libya memorandum a basis for entry into force; Greece, Egypt and Cyprus each maintain their own claim in the same area.

  • Cable manufacturing capacity

    4/5

    Nexans has said production might not restart before 2028, with the plant committed to another project until the middle of 2028.

  • Athens's domestic cost on the notification principle

    4/5

    Gerapetritis argues that Greece is the only country whose permission is needed; the governing party's spokesman treated the Libya development as a 'political defeat'.

  • The cost burden on Cyprus

    3/5

    About 63% of the capital cost falls on Cyprus; the island is the only member state not connected to the EU grid and has tied its payment to a NAVTEX.

Tactical frictiontemporary · eases over time

  • Timing of the Greek NAVTEX weeks

    4/5

    The Abeille Marengo reaches Heraklion on 27 October; the Greek NAVTEX for the survey is expected in early November.

  • The Mersin–Girne NAVTEX weeks

    3/5

    Türkiye's 12-point pipeline NAVTEX runs until 31 December; two rival projects are at sea over the same period.

  • Budget overrun months

    3/5

    The Cypriot regulator said the budget of 1.9 billion euros would certainly be exceeded; the final cost depends on the remaining survey work.

  • Ownership questions months

    2/5

    The Cypriot regulator is still waiting for answers to the questions it put to IPTO in August, after Meridiam took a 66% stake.

Module B

Signal vs Noise

SIGNAL 60% · NOISE 40%

Module C

Asset-Class and Positioning Implications

Asset classExposureTransmission channelH1H2H3ExpectedConvictionHorizonWhat to watch
Freight & insuranceEastern Mediterranean marine operating insuranceNaval shadowing of survey vessels and rival NAVTEX issues price operational risk+−+++0.45●●●0–3 monthsThe Greek NAVTEX in early November and the Turkish counter-warning
CreditEuropean infrastructure project financeBudget overrun and schedule slippage enlarge the project company's refinancing need−+−−−0.45●●●3–12 monthsThe Cypriot regulator's GSI budget update
Sovereign debtTürkiye external debt risk premiumTension at sea in the Eastern Mediterranean adds to the geopolitical risk premium−+−−−0.45●●●0–3 monthsTürkiye 5-year CDS
CommoditiesEastern Mediterranean gas and power interconnection projectsDelay to the link keeps the Cypriot grid isolated from the EU+0++0.65●●●12+ monthsAn official update on the GSI completion date

How to read: ++ strong structural support · + support · 0 neutral · − pressure · −− strong pressure. “Expected” is the direction weighted by scenario probabilities. H1: Tension at sea, another postponement · H2: Indirect notification formula · H3: Crisis and suspension.

General, scenario-conditional analysis at asset-class level. It contains no specific security, price target or trade timing and is not personalised investment advice (Turkish Capital Markets Law No. 6362).

Second-order effects

And then what?

Starting point

Libya's parliament ratified the memorandum with Türkiye on 20 October. Fidan tied non-objection to the surveys to written notification carrying coordinates, and Cyprus tied its first 25 million euros to the survey NAVTEX.

  1. 1

    Maritime operational riskwithin weeks

    Greece issues its survey NAVTEX in early November without notifying Türkiye; Türkiye answers with a counter-warning and naval surveillance, and the survey east of Kasos slows as it did in 2024.

    Watch: Greece's GSI NAVTEX and the counter-NAVTEX from the Antalya hydrographic station

  2. 2

    Project financewithin months

    With the survey unfinished, the final cost cannot be fixed; Cyprus holds back its first payment, and refinancing talks open between Meridiam and IPTO over a budget that exceeds 1.9 billion euros.

    Watch: The Cyprus Energy Regulatory Authority's budget and schedule update on GSI

  3. 3

    Regional energy diplomacywithin months

    The project slips beyond January 2031; Türkiye's Mersin–Girne pipeline and the Libya memorandum become the de facto reference in any route bargaining in the Eastern Mediterranean, and Ankara's weight at the regional energy table grows.

    Watch: The EU's official position on GSI financing or on a maritime jurisdiction dialogue with Türkiye

What breaks the chain

Athens passing the coordinates to Ankara through an intermediary, or the EU extending insurance and guarantee support to the project, would cut the chain at its first link.

Triggers

Thresholds to watch

IndicatorThresholdTodayWhat it means
Türkiye 5-year CDS> 300258Türkiye's CDS moving above 300 basis points would raise the cost of holding a hard line at sea and make the notification formula more attractive to Ankara.
Brent crude oil (futures)> 110114.88A high energy price sharpens the political urgency of the link for Cyprus, the only member state not connected to the EU grid, and lowers its tolerance for delay.

Sources

  1. Türkiye Today — France seeks delay in Greek Cypriot power link over Türkiye-Libya deal: Report
  2. Daily Sabah — France reportedly mulls postponing Med grid after Türkiye-Libya deal
  3. Greek City Times — Greece-Cyprus Cable Slips Again as Nexans Eyes 2028 Restart and 2031 Completion
  4. Middle East Monitor — A Cable across Contested Waters: The Great Sea Interconnector's Promise and Risks
  5. SigmaLive — Great Sea Interconnector route may shift over Turkey
  6. Hürriyet Daily News — Libya deal sparks rift in Greek politics
  7. Anadolu Ajansı — Turkish President Erdogan urges respect for Türkiye-Libya 'joint will' in Eastern Mediterranean
  8. Haber Kıbrıs — Türkiye and the TRNC issue a NAVTEX in the Mediterranean
Share

Sourcing and verification rules: methodology · Report an error: contact

Related reports