Bulgaria expresses interest in energy project with Azerbaijan PHOTO

Baku recently hosted the 9th meeting of the ministerial/steering committee under COP29 to discuss the implementation of the Agreement on Strategic Partnership in the field of development and transmission of green energy, a collaboration involving Azerbaijan, Georgia, Hungary, and Romania.

The meeting included the presentation of a report reflecting the initial results of the feasibility study for the Green Energy Corridor project, conducted by CESI, the Azerbaijani Energy Ministry told Caliber.Az.

The study's findings are crucial for the future direction of the project.

During the meeting, Azerbaijan's Minister of Energy, Parviz Shahbazov, highlighted that the Green Energy Corridor is one of Azerbaijan's key initiatives at COP29. He called on all project participants to continue supporting this ambitious project, which aims to enhance regional energy cooperation and accelerate the transition to green energy.

Shahbazov emphasized the importance of the feasibility study’s initial results, which indicate the need to begin discussions on potential business models for the project, as well as establish long-term plans for managing energy supply and demand. He also proposed organizing a meeting of the expert group to focus on the fibre optic component of the project, suggesting that it would be beneficial to further explore the technological and infrastructural aspects of this component.

The meeting also noted the interest of international financial institutions, such as the European Bank for Reconstruction and Development (EBRD) and the Asian Development Bank (ADB), in the project. Both institutions are expected to collaborate once the feasibility study is finalized.

Additionally, participants acknowledged the progress made in strengthening the Green Energy Corridor initiative between Azerbaijan, Kazakhstan, and Uzbekistan. This initiative is seen as a key step toward enhancing regional energy security, supporting the transition to renewable energy, and fostering greater coordination between the Central Asian, Caspian, and Black Sea regions.

A major development during the meeting was Bulgaria's expression of interest in joining the agreement. The committee decided to initiate the necessary procedures to include Bulgaria in the partnership, expanding the geographical and political scope of the Green Energy Corridor project.

In line with the decisions made during the eighth ministerial meeting, Farhad Mammadov, Advisor to the Minister of Energy of Azerbaijan, was appointed as the General Director of the joint venture that will manage the implementation of the project.

By Tamilla Hasanova