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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.
Australian researchers have pioneered a low-cost and scalable plasma-based method to produce ammonia gas directly from air, offering a green alternative to the traditional fossil fuel-dependent Haber-Bosch process.
A series of earthquakes have struck Guatemala on Tuesday afternoon, leading authorities to advise residents to evacuate from buildings as a precaution against possible aftershocks.
A deadly mass shooting early on Monday (7 July) in Philadelphia's Grays Ferry neighbourhood left three men dead and nine others wounded, including teenagers, as more than 100 shots were fired.
The 17th Summit of the Economic Cooperation Organization (ECO) was successfully held in Khankendi, Azerbaijan, highlighting the region’s revival and the deepening economic cooperation among member states.
Dozens of international and domestic flights were cancelled or delayed after Mount Lewotobi Laki Laki erupted on Monday, but Bali’s main airport remains operational.
European shares dropped on Friday after President Donald Trump intensified tariff threats against the EU, casting doubt on trade talks and dampening investor confidence.
Turkmenistan has gathered 1.407 million tonnes of wheat, matching its 2025 goal after a round-the-clock harvest on 690,000 hectares that officials say was bolstered by new combines and higher state purchase prices.
Azerbaijan Railways CJSC signed a Memorandum of Understanding with the Chinese company 'Xi'an Free Trade Port Construction and Operation' and has opened its representative office and container terminal in the Xi'an International Port.
The UK and Japan have signed a Memorandum of Cooperation (MoC) aimed at enabling increased UK investment into Japan, further strengthening the economic ties between the two nations.
German inflation eased to 2.0% in June, the federal statistics office said on Thursday, confirming preliminary data.
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