Azerbaijan, Georgia, Romania, Hungary ink shareholder agreement to establish JV for Black Sea Energy project

Azerbaijan, Georgia, Romania and Hungary have signed a shareholder agreement in Bucharest to establish a joint venture (JV) to implement the Black Sea Energy project, Azerbaijani Energy Minister Parviz Shahbazov wrote on X following the 8th meeting of the ministers of the four countries, Report informs.

"The Bucharest Meeting of the Ministers/Steering Committee on the establishment of the Green Energy Corridor between Azerbaijan, Georgia, Romania and Hungary ended with important results on the implementation of the Quadrilateral Agreement and the transformation of Azerbaijan into a European Green Energy supplier.

"With the signing of the Shareholders' Agreement, we achieved the establishment of a Joint Venture in Bucharest. We agreed that the leadership of JV-Green Energy Corridor energy company, as the body responsible for the implementation of the Feasibility Study, should be based on rotation, and also agree to draft an Action Plan, to speed up the processes up to the next meeting.

"We also agreed that the Feasibility Study includes the tasks related to the fiber optic cable line and issues on the integration of Bulgaria. The sides expressed their support for the high-level event dedicated to the project within the COP29 Climate Leaders Summit," Shahbazov wrote on X.