Economy Minister: Black Sea electricity cable project idea initiated by Georgia

Georgian Economy Minister Levan Davitashvili on Monday highlighted his Government had been the “initiator and author” of the Black Sea submarine electricity cable project, signed by Azerbaijan, Georgia, Romania and Hungary on Saturday.

Davitashvili noted the Government had submitted the project to the list of economic and investment projects of the European Union’s Eastern Partnership and started feasibility studies and financing of these works, before being joined by the partner countries.

He also stressed the “current geopolitical situation” had “changed a lot”, including in the EU, placing a “particular importance” on the project.

There is now a very topical engagement and enthusiasm from EU leaders for the implementation of this project. After signing the agreement, the project will be given a different status [and] will be a project that is a subject of mutual interest. When two EU member countries are involved in the implementation of the project, it will have a special status from the EU”, Davitashvili said.

The Minister noted the project had not been “considered very relevant at the initial stage”, before becoming “truly a flagship project in connectivity with Europe”.

[I]t can be said that this is the project of the century - it is strategically the most important project that will increase the energy independence of Georgia and, in general, the importance of Georgia from an economic point of view”, he concluded.

The project comes with the Agreement on Strategic Partnership in the field of Green Energy Development and Transmission, signed by Georgian Prime Minister Irakli Garibashvili on Saturday in a deal between the four countries.