BAKU, Azerbaijan, April 5. The deepwater cable project across the Caspian Sea is attracting strong interest from international financial institutions, Kazakhstan’s Deputy Minister of Energy Sungat Yessimkhanov said in an exclusive interview with Trend.
According to Yessimkhanov, several banks have already expressed willingness to provide grants for preparatory work. "The project is moving forward, and we are actively working with consultants," he said, noting that significant progress has already been made.
"As you know, the heads of state signed the relevant agreements at COP29 in Baku last November. We are now in the organizational phase—joint ventures have been established, and system operators from both countries are working on the project. Government agreements between the three participating countries are being finalized, and technical specifications for the cable will soon be determined," he explained.
Regarding the project’s potential integration with other energy initiatives in the Caspian region, Yessimkhanov said that, for now, it involves only Kazakhstan, Azerbaijan, and Uzbekistan, with each holding an equal share. However, he emphasized that the project remains open to further cooperation with other Central Asian countries and major global energy players.
"We are open to discussions on expanding the project to include renewable energy sources from other countries. This initiative has significant potential for further growth," he added.
The deputy minister also highlighted ongoing energy cooperation with Azerbaijan, including efforts to increase oil and gas transportation.
"Last year, we transported 1.5 million tons of oil to Europe via Azerbaijan, and we are now discussing increasing volumes to 2.5 million tons. We are also considering new gas corridor projects to expand Kazakhstan’s gas exports," he said.
He reaffirmed that work on all energy initiatives is progressing steadily and that Kazakhstan is committed to strengthening its energy ties with Azerbaijan and other regional partners.