Azerbaijan, Georgia, Hungary, Romania ink MoU on establishment of joint venture PHOTO

Azerbaijani Energy Minister Parviz Shahbazov, Georgian Economy and Sustainable Development Minister Romeo Mikautadze, Romanian Energy Minister Sebastian Ioan Burduja and Hungarian Security Policy State Minister Peter Sztaray signed a Memorandum of Understanding on the establishment of a joint venture.

The sides signed the document during the fourth Ministerial Meeting on the implementation of the agreement on a strategic partnership in the field of green energy development and transmission held in Bucharest, Romania on July 25, Caliber.Az report per the press service of Azerbaijan’s Energy Ministry.

The joint venture, established under the memorandum with the participation of system operators from the respective countries, will be responsible to the Steering Committee, being the body responsible for the implementation of the project envisaging the green energy transmission from the Caspian Sea to Europe under the agreement.

It was noted that the feasibility study of the initial stage of the project on the Black Sea will be completed in October of 2023. The sides also agreed that the technical assignment of the Caspian Sea-European Union Green Energy Corridor was approved and the preparation of the feasibility study of the project was entrusted to AREA.

At the end of the meeting, a protocol was signed on the results of the fourth Ministerial Meeting on green energy development and transmission and the next meeting was agreed to be held in Budapest, Hungary.

Representatives of Bulgaria and the European Commission also attended the meeting.

To recap, the agreement on a strategic partnership in the field of green energy development and transmission between the governments of Azerbaijan, Georgia, Romania and Hungary was signed in Bucharest on December 17, 2022 by Azerbaijani President of Ilham Aliyev, Romanian Prime Minister Nicolae Ciuca, Georgian Prime Minister Irakli Garibashvili and Hungarian Prime Minister Viktor Orban with the participation of European Commission President Ursula von der Leyen.