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.
