High-level Meeting on Black Sea Submarine Cable Project Held in Tbilisi

Published in Economics
Tuesday, 11 April 2023 15:57

A high-level Steering Committee meeting within the Agreement on Strategic Partnership in the Field of Green Energy Development and Transmission between the Governments of the Republic of Azerbaijan, Georgia, Romania and Hungary was held in Tbilisi. The Parties to the Agreement emphasized the importance of cooperation in Green Energy Development and Transmission as well as energy security thus underlining the significance of implementation of the Black Sea Submarine Cable project.

The Vice Prime Minister of Georgia, Minister of Economy and Sustainable Development Levan Davitashvili, opened the meeting. Minister of Finance of Georgia Lasha Khutsishvili, Deputy Minister of Foreign Affairs of Georgia Aleksandre Khvtisiashvili, Minister of Foreign Affairs and Trade of Hungary Péter Szijjártó, Director of Azerbaijan Renewable Energy Agency Javid Abdullayev and State Secretary of the Ministry of Energy of Romania, George-Sergiu Niculescu also attended the event. European Union Ambassador to Georgia Paweł Herczyński, Regional Director of the World Bank in the South Caucasus Sebastian Molyneux, General Director of “Georgian State Electric System” Giorgi Gigineishvili and other high-ranking guests also took part in the event.

The Black Sea Submarine Cable project will be implemented with the support of the Georgian Government and the cooperation of the Georgian and Romanian transmission system operators – “Georgian State Electric System” and “Transelectrica”. On December 17, 2022, an Agreement on Strategic Partnership in the Field of Green Energy Development and Transmission between the Governments of the Republic of Azerbaijan, Georgia, Romania and Hungary was signed. One of the important issues of the Agreement was the Black Sea Submarine Cable project – upon the implementation of the project, a 1195-kilometer cable will connect Georgia and Romania (1100 km underwater and 95 km on-land cable). The Cable will allow the countries of the South Caucasus and Romania to take advantage of expanded export opportunities and trade based on the hourly prices of the electricity market.

The Black Sea Submarine Cable is a strategic project and a great investment opportunity for Georgia and its neighbouring countries. It will contribute to the development of the renewable energy sector, increase transit opportunities and bilateral trade potential between the EU and the South Caucasus region, which in turn will ensure a sustainable and reliable energy future for the regions.

At this stage, "Georgian State Electric System" with the help of consulting company CESI is carrying out a feasibility study of the project. In the future, within the framework of the project, environmental and social impact assessment and geophysical and geotechnical studies of the Black Sea bottom will also be carried out. The possibilities and best ways of practical implementation of the project will also be determined. The committee will review a presentation prepared by CESI outlining ongoing and planned activities within the feasibility study.

Next meeting of the Steering Committee established within the frame of the Agreement on Strategic Partnership in the Field of Green Energy Development and Transmission between the Governments of the Republic of Azerbaijan, Georgia, Romania and Hungary will be held in Bucharest. 

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