Azerbaijan, Georgia, Romania, and Hungary will build a direct high-voltage submarine cable connecting the South Caucasus region with the European Union, with a purpose to strengthen national and regional energy security.
A joint venture, GECO Power Company - Green Energy Corridor Power Company, has been established by power grid operators of four countries – Romanian Transelectrica, Georgian State Electrosystem, AzerEnerji, and Hungarian MVM Energy.
Agreement on Strategic Partnership between the Governments of the Republic of Azerbaijan, Georgia, Romania and Hungary in the field of Development and Transmission of Green Energy was signed on 17 December 2022 in Bucharest.
The newly-created company will oversee the Black Sea Submarine Cable Project. The length of the submarine power cable will be more than 1,155 km (1,115 km underwater and 40 km on land), the voltage will be 525 kV, and the capacity will be 1,300 MW of telecommunications cable, which will be laid along the submarine power cable.
"The project plays an essential role in strengthening national and regional energy security, increasing connectivity in the Black Sea basin, diversifying supply routes, capitalizing on the potential of renewable energy and increasing its share in the national energy mix, as well as reducing electricity prices for household consumers and Romanian companies," according to a joint statement.
The estimated completion date for the construction of the submarine power cable is 2030. The project's feasibility study, carried out by the Italian consulting company CESI, has shown that the project is technically and economically feasible.
The European Bank for Reconstruction and Development (EBRD) and the European Investment Bank (EIB) expressed interest in the project estimated to cost EUR 3.5 billion.
Azerbaijan's Foreign Affairs Minister Jeyhum Bayramov has been received today by Kazakhstan's Deputy Prime Minister and Minister of Foreign Affairs, Murat Nurtleu.
Bulgaria can play a key role in the development of the Green Energy Corridor project, - said Energy Minister, Zhecho Stankov, at the 10th ministerial meeting in connection with the strategic partnership agreement for the development and transmission of green energy.
President Aliyev held a private meeting with North Macedonia’s President Siljanovska-Davkova.
President of the Republic of North Macedonia, Gordana Siljanovska Davkovahas, has arrived in Azerbaijan for an official visit.
The State Oil Fund of the Azerbaijan Republic (SOFAZ) will continue buying gold in 2025, aiming to increase its assets to 170 tonnes by April-May.
A mysterious collision between a U.S.-flagged chemical tanker carrying jet fuel for the U.S. military and a Portuguese-flagged container vessel unfolded off Britain’s coast on Tuesday morning, leaving both ships ablaze and prompting an urgent investigation into what went wrong
OpenAI on Tuesday introduced a suite of new developer tools designed to streamline the creation of advanced AI agents, signaling a strategic move amid intensifying competition from Chinese AI startups.
Mexico’s economy appears on track to contract in the first quarter, potentially plunging the country into a technical recession, as U.S. President Donald Trump’s fluctuating tariff policies disrupt growth that was already showing signs of weakness.
World leaders welcomed the 30-day ceasefire proposal that Ukraine has agreed to, calling it a step toward ending the conflict with Russia.
U.S. President Donald Trump reversed course on Tuesday, scaling back a planned 50% tariff on Canadian steel and aluminum just hours after announcing the sharp hike, following a retaliatory electricity surcharge threat from Ontario.
President Donald Trump is preparing a new travel ban that could block entry for people from Afghanistan and Pakistan as early as next week. The move is part of an intensified immigration crackdown.
Italy’s League party urges the government to favour Starlink over French-led Eutelsat for satellite communication systems, citing Starlink's technological edge. The push comes amid delays in the EU’s IRIS² program, as Italy seeks secure communication solutions for officials.
XPeng Motors plans to mass-produce flying cars by 2026, becoming the first company globally to do so. CEO He Xiaopeng also highlighted advancements in autonomous driving and humanoid robotics as part of the company’s future tech initiatives.
The Organization of Islamic Cooperation (OIC) is set to condemn Trump’s Gaza “Riviera” plan, backing Egypt’s $53 billion reconstruction proposal. A classified draft resolution, rejects the relocation of Gazans, calls for urgent international support, and mobilises opposition to the U.S. stance.
Poland's deputy prime minister vowed on Tuesday to stick with plans to introduce a new tax on big tech, hitting back at a threat of retaliation from the incoming United States ambassador amid a deepening war of words between Warsaw and Washington.
Concern over impending 25% tariffs on vehicles imported from Mexico and Canada has spurred U.S. car buyers to expedite their purchases, with many racing to dealer lots to lock in current prices before any increases take effect.
China's new energy vehicle (NEV) market saw impressive growth in February, with sales hitting 686,000 units. This increase highlights the country's strong push toward electrification, driven by government incentives, improved infrastructure, and growing consumer demand.
BioNTech forecasts a revenue decline for 2025, expecting between 1.7 billion and 2.2 billion euros, down from 2.75 billion euros last year. This drop is due to Pfizer write-downs and stable vaccination rates. BioNTech also plans significant job cuts and new hires.
EU lawmakers raised concerns about the digital euro project after a major failure in the ECB’s payment system, Target 2, which caused delays in transactions. Critics question the ECB's ability to manage the project, with some demanding improved systems before moving forward.
A mysterious collision between a U.S.-flagged chemical tanker carrying jet fuel for the U.S. military and a Portuguese-flagged container vessel unfolded off Britain’s coast on Tuesday morning, leaving both ships ablaze and prompting an urgent investigation into what went wrong
OpenAI on Tuesday introduced a suite of new developer tools designed to streamline the creation of advanced AI agents, signaling a strategic move amid intensifying competition from Chinese AI startups.
Mexico’s economy appears on track to contract in the first quarter, potentially plunging the country into a technical recession, as U.S. President Donald Trump’s fluctuating tariff policies disrupt growth that was already showing signs of weakness.
World leaders welcomed the 30-day ceasefire proposal that Ukraine has agreed to, calling it a step toward ending the conflict with Russia.
U.S. President Donald Trump reversed course on Tuesday, scaling back a planned 50% tariff on Canadian steel and aluminum just hours after announcing the sharp hike, following a retaliatory electricity surcharge threat from Ontario.
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