site.btaBulgaria, Azerbaijan, Turkiye, Georgia Sign Key MoU on Energy Cooperation

Bulgaria, Azerbaijan, Turkiye and Georgia signed in Baku a Memorandum of Understanding on Cooperation in the Field of Green Electricity Transmission and Trade, the Energy Ministry in Sofia said on Friday. The document outlines a framework for enhanced partnership in the energy transition, the development of renewable energy sources, and the construction of sustainable energy infrastructure.

The signatories to the Memorandum reaffirm their commitment to work together to promote joint green power projects, to develop the necessary infrastructure for efficient transmission and trade, enhance the exchange of knowledge, technologies and best practices, and boost grid connectivity by facilitating cooperation between the public and private sectors.

Key aspects of the agreement include the expansion of stable interregional cooperation through the development of green energy zones and corridors, which will contribute to energy supply security and the sustainable economic development of the region.

The ministers of the four countries agreed to promptly establish a working group at the deputy minister level. By June, the technical details for commissioning the pre-feasibility studies are expected to be finalized. The initial investments will focus on maximizing the efficient use of existing capacity.

Bulgaria's Energy Minister Zhecho Stankov said: "The signing of this document is an important step towards strengthening regional cooperation in the field of green energy. Through the development of strategic energy corridors and the implementation of innovations in renewable energy sources, we will not only enhance our energy security but will create new opportunities for sustainable economic growth."

The document was signed by Bulgaria's Energy Ministers Zhecho Stankov, Azerbaijan's Energy Minister Parviz Shahbazov, Turkiye's Minister of Energy and Natural Resources Alparslan Bayraktar and Georgia's Deputy Minister of Economy and Sustainable Development Vakhtang Tsintsadze.

Addressing the 11th Southern Gas Corridor Advisory Council Ministerial Meeting in Baku, Stankov said: "Guaranteeing national, regional and international energy security is a key element in the transition to sustainable development of the sector, alongside the expansion of energy infrastructure, the development of storage technologies, and the digitalization of the sector."

During his visit, Stankov is scheduled to talk with Azerbaijan's Energy Minister Parviz Shahbazov and Turkiye's Energy and Natural Resources Minister Alparslan Bayraktar, as well as with Eric Jacobs, Senior Advisor of the State Bureau of Energy Resources of the US Department of State.