Azerbaijan, Georgia, Romania and Hungary to create joint venture for green energy transmission from Caspian Sea to Europe

Azerbaijan, Georgia, Romania and Hungary signed a memorandum of understanding on the establishment of a joint venture for green energy transmission from the Caspian Sea to Europe, Minister of Parviz Shahbazov said on Twitter, News.Az reports.

The document was signed in Bucharest. „In Bucharest, we signed the MoU with counterparts from Georgia, Romania and Hungary on the establishment of a joint venture between 4 countries for the implementation of the project, which envisages the green energy transmission from the Caspian Sea to Europe,” Minister Shahbazov tweeted.

At the meeting in Bucharest, the first responders of energy agencies of the four countries discussed ongoing issues related to the Black Sea submarine cable. A decision was also made today to establish a joint subsidiary of participating states to continue the development of the cable project.

The Black Sea Submarine Cable Project is implemented with the support of the Georgian Government and the promotion of the Georgian and Romanian transmission system operators “Georgian State Electricity System” and “Transelectricity”. 

 The project intends to connect the South Caucasus energy system directly to the European energy system through a 1,195 km long cable.

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