A memorandum on laying an electricity and digital communication cable along the bottom of the Black Sea will be signed on December 17 in Bucharest with the participation of the leaders of Azerbaijan, Georgia, Romania, Hungary, and the commissioners of the European Union.

The project assumes that Azerbaijan will generate electricity at offshore (marine) and onshore green energy facilities and supply it via power lines to Georgia, and from Georgia by cable to Romania, and from there to Hungary, government source told Turan.

“In Bucharest, it will be recorded that 4 countries are interested in this project within the framework of the European Global Gateway initiative. Then design work will begin - the development of a feasibility study and other issues,” the source said. The timing of implementation depends on the situation in the Black Sea due to the Ukrainian-Russian conflict.

On December 10, this project was presented at a meeting of the EU Council, where it was reported that its implementation would require 2.3 billion euros. According to the EU plans, in 2023, work is planned to support reforms in the energy sector, and investments in renewable energy sources. Also in 2023, it is planned to complete the development of a feasibility study for the Black Sea project.

Azerbaijani Energy Minister Parviz Shahbazov previously reported that Baku expects to complete the feasibility study of the project with the financial support of the World Bank by the end of 2023.

The project provides for the laying of a power line and a digital communication cable between Georgia and Romania with a capacity of 1000 MW and a length of 1195 km.

According to the Ministry of Energy of Azerbaijan, the project will become a "green energy" corridor and will allow diversifying the electricity market, increasing the role of Azerbaijan as an energy supplier, and strengthening the integration of the Caspian and Black Sea regions with Europe.

The Global Gateway initiative aims to mobilize up to 300 billion euros of investments in 2021-2027 in infrastructure development in the world. The initiative involves EU member states, their financial institutions, including the European Investment Bank and the European Bank for Reconstruction and Development.

 

Source - Turan.az

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14.12.2022 08:57