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Agreement reached on establishment of joint venture for Azerbaijan-EU Green Corridor project

Oil&Gas Materials 25 July 2023 13:47 (UTC +04:00)
Agreement reached on establishment of joint venture for Azerbaijan-EU Green Corridor project
Sadraddin Aghjayev
Sadraddin Aghjayev
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BAKU, Azerbaijan, July 25. Georgia, Hungary, Romania and Azerbaijan have signed a memorandum of understanding on the establishment of a joint venture for the Azerbaijan-EU Green Corridor project, Minister of Energy of Azerbaijan Parviz Shahbazov tweeted, Trend reports.

"We signed a memorandum of understanding in Bucharest with colleagues from Georgia, Romania and Hungary on the establishment of a joint venture between 4 countries to implement a project that provides for the transportation of green energy from the Caspian Sea to Europe,” the minister said.

The Strategic Partnership Agreement, which provides for the construction of an energy bridge from the Caucasus region to Europe, was signed by Azerbaijan, Georgia, Romania and Hungary on December 17, 2022.

It is expected to build a Black Sea Energy underwater electric cable with a capacity of 1000 MW and a length of 1,195 kilometers.

The cable will be intended for the supply of green electricity produced in Azerbaijan through Georgia and the Black Sea to Romania for subsequent transportation to Hungary and the rest of Europe.

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