In December 2016, China’s State Grid utility acquired a 24% share in Greek power grid operator ADMIE, which was previously owned in its entirety by Greece’s state utility Public Power Corp. The 320 million euro sale comes as part of Greece’s international bailout agreement between the country, the International Monetary Fund, and eurozone nations. In May 2017, the European Commission issued an assessment asking the Greek regulatory authority to more closely analyze the risks tied to the partial ownership of ADMIE by a company ultimately owned by the Chinese state. In particular, the Commission seemed concerned about actions by Beijing that would harm security of supply in the EU. A Reuters article from May 2017 also reports that, through its stake in ADMIE, State Grid has been looking for ways to get involved in “the 1.5 billion-euro EuroAsia Interconnector project which aims to link up via subsea cables the power transmission systems of Israel, Cyprus and Greece.”