Joint venture established between Azerbaijan, Georgia, Hungary and Romania

The 8th Ministerial Steering Committee meeting was held in Bucharest to implement the "Agreement on Strategic Partnership in the Development and Transmission of Green Energy between the Governments of the Republic of Azerbaijan, Georgia, Romania and Hungary", signed in Bucharest on December 17, 2022. 

Azerbaijan was represented at the event by Energy Minister Parviz Shahbazov, Romania by Energy Minister Sebastian-Ioan Burduja, Secretary General Mircea Abrudean, Georgia by First Deputy Prime Minister, Economy and Sustainable Development Minister Levan Davitashvili, and Hungary by Foreign Affairs and Trade Minister Peter Siyarto. The meeting was also attended by representatives of Bulgaria, the European Commission, transmission system operators and CESI.

The meeting discussed the current status of the feasibility study of the project carried out by CESI, the work done to establish the joint venture, the fiber-optic component of the green energy corridor, as well as the possibilities of Bulgaria's integration into the project and other issues.

Following the negotiations, the Shareholders Agreement and the Protocol on the results of the meeting were signed, which envisages the establishment of a joint venture in Bucharest between the system operators of Azerbaijan, Georgia, Romania and Hungary - “AzerEnergy”, “Georgia State Elektrosystem”, “Transelectrica”, MVM. It was agreed that the leadership of the BM-Green Energy Corridor Energy Company will be based on rotation, as well as that the tasks related to the Fiber-Optic Cable Line (FOC) and issues related to the integration of Bulgaria into the project will be included in the feasibility study of the quadrilateral project.

At the end, a briefing on the results of the Bucharest meeting of ministers was organised.