Energy ministers discuss Green Energy Corridor in Budapest
MTI-ECONEWS – Minister of Foreign Affairs and Trade Péter Szijjártó hosted the energy ministers of Azerbaijan, Bulgaria, Georgia and Romania at a meeting to discuss the Green Energy Corridor, an initiative to bring green energy from the South Caucasus to Europe, in Budapest on Monday.
In addition to the Hungarian Foreign Minister, the meeting was attended by the Azerbaijani Energy Minister Parviz Shahbazov, the Bulgarian Energy Minister Checho Stankov, the Georgian Deputy Prime Minister and Minister of Economy Levan Davitasvili and the Romanian Energy Minister Sebastian Ioan Burduja.
Green Energy Corridor
Szijjártó noted that the Green Energy Corridor involved the construction of a 1,100 km-long cable under the Caspian Sea. He added that companies in Hungary, Slovakia, Romania, and Azerbaijan had already established a joint venture for the initiative, and a Bulgarian partner would join by the deadline.
Szijjártó said the sides had heard a progress report on the feasibility study for the project which could be completed by the end of June.
He pointed to an increase in demand for green energy. He said Hungary was boosting nuclear and solar capacity, but also wanted to boost imports of green energy.
He said more than EUR 10bn will be invested in the project to improve the region’s competitiveness, adding that plans to lay an optical cable were also being considered.
More news about Green Energy Corridor:
World’s longest underwater electricity cable, 1,100 km long, brings green energy to Hungary – details HERE
Hungary buys a lot of green energy, joining forces with four other countries