The recently concluded Bucharest Meeting of the Ministers/Steering Committee on the establishment of the Green Energy Corridor between Azerbaijan, Georgia, Romania, and Hungary has yielded significant progress, marking a crucial step toward Azerbaijan’s transformation into a European Green Energy supplier.
At the meeting, Azerbaijan’s Energy Minister, Parviz Shahbazov, announced the signing of the Shareholders’ Agreement, which facilitates the establishment of a Joint Venture (JV) in Bucharest.
This development underscores the commitment of the four nations to the implementation of the Quadrilateral Agreement, aimed at creating a sustainable energy pathway linking their countries.
“The collaboration between Azerbaijan, Georgia, Romania, and Hungary underscores a shared commitment to sustainable development and regional energy cooperation,” he said.
Minister Shahbazov highlighted that the leadership of the newly formed JV-Green Energy Corridor company, responsible for overseeing the Feasibility Study, will operate on a rotational basis.
“This approach is expected to expedite the study’s processes, ensuring swift progress before the next ministerial meeting.
“Additionally, the Feasibility Study will encompass tasks related to the integration of a fiber optic cable line and consider Bulgaria’s potential inclusion in the corridor,” he said.
The ministers also expressed their collective support for the high-level event dedicated to the Green Energy Corridor project at the upcoming COP29 Climate Leaders Summit in Baku, emphasizing the project’s significance in the global green energy landscape.
During a separate meeting with Hungary’s Minister of Foreign Affairs and Trade, Peter Szijjarto, in Bucharest, Minister Shahbazov discussed bilateral and regional energy cooperation.
The discussions focused on the future activities of the Joint Venture on the Green Energy Corridor, the current status of various energy initiatives, and prospects for enhanced collaboration on oil and gas projects, including gas supply.
The Green Energy Corridor is poised to play a pivotal role in diversifying Europe’s energy sources and enhancing energy security, as the region seeks to transition to greener alternatives.
By Dare Akogun
