BAKU, Azerbaijan, June 5. Using the 157 GW offshore wind potential of the Caspian Sea, major progress is being made in creating the Caspian-Black Sea-Europe green energy corridor, Minister of Energy of Azerbaijan Parviz Shahbazov said during the "International Cooperation for Energy Security and Sustainability" plenary panel at the 29th Baku Energy Forum in Azerbaijan, TurkicWorld reports.
"With partner nations Georgia, Romania, and Hungary, we have had seven ministerial meetings as part of this initiative. Bulgaria has also expressed interest in the project. The initial results of the project's feasibility study are anticipated by the end of 2024. We are establishing a joint venture headquartered in Bucharest," the minister emphasized.
He highlighted that this will enable the export of 4 GW of green energy and green gases (hydrogen, ammonia) to the EU in the initial phase.
To note, on December 17, 2022, Azerbaijan, Georgia, Romania, and Hungary inked a strategic partnership agreement, outlining the construction of an energy bridge from the Caucasus region to Europe.
Under the agreement, the construction of the Black Sea Energy submarine electric cable is anticipated, boasting a capacity of 1,000 MW and spanning 1,195 kilometers. This cable is slated to transport green electricity from Azerbaijan through Georgia and the Black Sea to Romania, facilitating onward transportation to Hungary and other parts of Europe. The initiative is expected to enable the supply of up to four gigawatts of green energy.
Over 600 delegates are participating in the forum, which started on June 5, representing a diverse range of countries including Australia, Austria, Belarus, Belgium, Bulgaria, China, the Czech Republic, Finland, France, Georgia, Hungary, India, Israel, Italy, Japan, Kazakhstan, Latvia, Monaco, the Netherlands, Norway, UAE, Qatar, Romania, Russia, Saudi Arabia, Slovenia, Sweden, Switzerland, Ukraine, the UK, the US, and Uzbekistan. This year's forum boasts a record number of speakers, totaling 81.
The Forum's agenda will address energy issues of significance for Azerbaijan and the broader Caspian region, focusing primarily on considerations and financing related to energy security, energy transition, and green energy projects.
