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Agreement signed on establishment of Green Energy Corridor from Azerbaijan to Europe-UPDATED

03 September 2024 15:56 (UTC +04:00)

The 8th Ministers/Steering Committee meeting on the establishment of the Green Energy Corridor between Azerbaijan, Georgia, Romania, and Hungary was held in Bucharest, the capital of Romania, the Ministry of Energy told APA-Economics.

At the event, Azerbaijan was represented by Minister of Energy Parviz Shahbazov, Romania by Minister of Energy Sebastian-Ioan Burduja, Secretary Mircea Abrudean, Georgia by First Deputy Prime Minister and Minister of Economy and Sustainable Development Levan Davitashvili, and Hungary by Minister of Foreign Affairs and Trade Peter Szijjarto. Representatives from Bulgaria, the European Commission, transmission system operators, and CESI also participated in the meeting.

Following the discussions, a "Shareholders' Agreement" was signed among the system operators of Azerbaijan, Georgia, Romania, and Hungary—“Azərenerji,” “Georgian State Electrosystem,” “Transelectrica,” and MVM—establishing a Joint Venture in Bucharest. Additionally, a Protocol summarizing the meeting was signed.

At the end of the meeting, a briefing was held on the results of the ministers' meeting in Bucharest.

Recall that, the "Agreement on Strategic Partnership for the Development and Transmission of Green Energy between the Governments of Azerbaijan, Georgia, Romania, and Hungary" was signed in Bucharest on December 17, 2022.

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15:02

"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," Parviz Shahbazov, Minister of Energy of the Republic of Azerbaijan wrote on his X account, APA reports.

"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. We also agreed that the Feasibility Study includes the tasks related to the fiber optic cable line and issues on the integration of Bulgaria. The sides expressed their support for the high-level event dedicated to the project within the COP29 Climate Leaders Summit," the minister noted.