SOCAR Invested Over $2 Billion in Georgia to Date

Azerbaijan’s Energy Minister Parviz Shahbazov met with Mariam Kvrivishvili, Minister of Economy and Sustainable Development of Georgia, on the sidelines of the 11th Steering Committee Meeting for the Agreement on Strategic Partnership in Green Energy Development and Transmission, which involves the governments of Azerbaijan, Georgia, Romania, and Hungary.

At the meeting, the sides emphasized that friendship and mutual trust between Azerbaijan and Georgia form the basis of long-term partnership, and the relations of the leaders of both countries create the basis for the successful implementation of joint projects and the achievement of mutually beneficial results, The Caspian Post reports citing local media.

They noted that multifaceted bilateral energy cooperation is one of the main pillars of the Azerbaijan-Georgia Strategic Partnership and remains the number one partner of Azerbaijan in the energy supply of Georgia. SOCAR's investment of more than 2 billion USD in Georgia has been assessed as contributions to energy relations, including Baku-Tbilisi-Ceyhan, Baku-Supsa, Southern Gas Corridor projects, and extensive cooperation in the field of hydrocarbons and electricity.

The meeting saw discussions on the supply, transit of gas and electricity, issues arising from the expansion of SOCAR's activities in Georgia, as well as planned projects. It was noted that strengthening the energy partnership with new projects is a priority for both countries. In this regard, the meeting reviewed that the Caspian-Black Sea-European Green Energy Corridor project is of strategic importance as a new energy connection between Azerbaijan, Georgia and Europe.

The parties noted that the Black Sea submarine cable project and the Green Energy Corridor are being developed in parallel, and strengthening coordination between both projects can increase cooperation between the participating states and companies to ensure the effectiveness of the implementation process, and allow both projects to gain maximum support from the European Union and financial institutions. The sides also exchanged views on the feasibility study of the interconnector, which serves to expand electricity communication and trade between Azerbaijan, Georgia, Türkiye and Bulgaria.