BAKU, Azerbaijan, September 3. Azerbaijan, Georgia, Romania and Hungary have established a joint venture on the Green Energy Corridor, Azerbaijan’s energy minister Parviz Shahbazov wrote on X, Trend reports.
“The Bucharest Meeting of the Ministers/Steering Committee on the establishment of the Green Energy Corridor between Azerbaijan, Georgia, Romania and Hungary ended with important results on the implementation of the Quadrilateral Agreement and the transformation of Azerbaijan into a European Green Energy supplier. With the signing of the Shareholders' Agreement, we achieved the establishment of a Joint Venture in Bucharest. We agreed that the leadership of JV-Green Energy Corridor energy company, as the body responsible for the implementation of the Feasibility Study, should be based on rotation, and also agree to draft an Action Plan, to speed up the processes up to the next meeting,” the minister said.
Shahbazov noted that the sides also agreed that the Feasibility Study includes the tasks related to the fiber optic cable line and issues on the integration of Bulgaria.
On December 17, 2022, Azerbaijan, Georgia, Romania, and Hungary signed a strategic partnership agreement in Bucharest to construct the Black Sea Energy submarine electric cable. The project will feature a 1 GW capacity cable stretching 1,195 kilometers, designed to transport green electricity from Azerbaijan’s future offshore wind farms through Georgia and the Black Sea to Romania, for further distribution to Hungary and other parts of Europe. The European Commission plans to allocate €2.3 billion for this project.
In May 2024, energy operators from Azerbaijan, Romania, Georgia, and Hungary signed a memorandum to establish a joint venture for the Black Sea Energy project, which will be headquartered in Bucharest.
Follow the author on X: @Lyaman_Zeyn
