Azerbaijan, Georgia, Romania, and Hungary Establish Energetic Joint Company

Azerbaijan, Georgia, Romania, and Hungary have established a joint company to lay an electricity transmission cable across the Black Sea, which will allow for increased supply of renewable "green" electricity from Azerbaijan to Europe.

The representatives of the four countries' governments signed the documents to establish the joint venture at a ministerial-level meeting held today in Bucharest.

Romania's Minister of Energy, Sebastian Burduja, stated that this project has strategic importance for his country and the European Union. “This project is really a matter of national security for us. We talk a lot about the need for diversification. If you look at the energy map of Europe, you will see that on the eastern flank, we are paying a very high price due to insufficient diversification. We need additional routes,” he noted.

The next meeting is scheduled to be held in Baku during the COP 29 conference days. The leaders of the four countries approved this project back in 2022. In response to Russia's aggression against Ukraine, Europe is striving to reduce its energy dependence on Russia.