Green Energy Corridor Power Company will be headquartered in the Romanian capital Bucharest and oversee the building of a 1,100 km (685 mile), 1,000 megawatt cable running from Azerbaijan to Romania as part of wider European Union efforts to diversify energy resources away from Russia amid the Ukraine war.
"This energy infrastructure project will …interconnect energy markets from the Black Sea region, ensuring supply diversification," Romanian Energy Minister Sebastian Burduja told a news conference.
Earlier he met with Azeri Energy Minister Parviz Shahbazov, Georgian Economy Minister Levan Davitashvili and Hungarian Foreign Minister Peter Szijjarto.
The European Commission will make funds available for the construction of the cable, which would be the longest of its kind in the world.
Bulgaria may also join the joint venture, Burduja said.
Italian consulting firm CESI has been contracted to conduct a feasibility study, with preliminary findings to be reported at the United Nations COP29 climate summit to be hosted by Azerbaijan in November.
