BAKU, Azerbaijan, August 3. The Black Sea
Energy Corridor project has entered the development phase.
According to Green Energy Corridor Power Company (GECO Power),
the decision was made following the sixth meeting of the company's
Board of Directors, held on July 30-31 in Constanta, Romania.
The company noted that the meeting followed the completion of
feasibility studies, which were officially approved by the
governments of the participating countries during the 12th
Ministerial Meeting in Baku.
According to GECO Power, the Board of Directors identified
priority work areas for the coming months. Specifically, a decision
was made to launch Workstream 2, which includes developing a
conceptual design, engineering work, and preparing a procurement
strategy.
"The shareholders presented alternative scenarios for the
development phase. The company will also continue to engage with
international project developers, technology providers, and
financial institutions to support the next phase of the
project.
Other issues discussed at the meeting included the preparation
of a procurement program for seabed surveys as part of the
project's first cable installation, the implementation of the
PMI/PCI program, the company's budget execution, and strengthening
cooperation with national regulatory authorities in the
participating countries," the company said in a statement.
GECO Power noted that the Board of Directors also confirmed the
company's budget execution and effective financial management.
The "Strategic Partnership Agreement for the Development and
Transmission of Green Energy between the Governments of Azerbaijan,
Georgia, Romania, and Hungary" was signed on December 17, 2022, in
Bucharest.
