(MENAFN- AzerNews)
Ulviyya Shahin Read more
The decision to embark on a groundbreaking endeavour to lay acable along the bed of the Black Sea stems from a collaborativeeffort involving several key stakeholders.
According to Azernews , the World Bank Directorfor the South Caucasus, Rolande Pryce, said this.
Pryce, recently announced the institution's pivotal role insupporting the preparatory stages of this ambitious project. TheWorld Bank's backing signifies a significant step forward inaddressing the region's energy needs and fostering internationalcooperation.
According to Price, the forthcoming feasibility study is poisedto be a comprehensive evaluation, encompassing various criticaldimensions. Technical specifications, economic viability, financialfeasibility, as well as institutional and legal frameworks will allundergo meticulous scrutiny. This holistic assessment aims toprovide a thorough understanding of the project's feasibility,serving as a blueprint for its successful implementation.
A landmark development occurred in December 2022, when thegovernments of Georgia, Azerbaijan, Romania, and Hungary cametogether to formalize an agreement regarding the cable'sinstallation. This multinational accord underscores a sharedcommitment to advancing regional energy infrastructure andpromoting cross-border energy transmission.
To spearhead the preparatory phase of the feasibility study, thetask has been entrusted to CESI, a prominent Italian energyconsulting company renowned for its expertise in the field. Withtheir specialized knowledge and technical prowess, CESI is poisedto play a pivotal role in shaping the trajectory of thistransformative initiative.
As anticipation builds for the completion of the feasibilitystudy, scheduled for July 2024, stakeholders remain optimisticabout the prospects of leveraging the Black Sea's strategiclocation to enhance energy connectivity between the South Caucasusregion and Europe. This collaborative effort signifies a paradigmshift in regional cooperation, poised to usher in a new era ofsustainable energy development and economic prosperity.
MENAFN02052024000195011045ID1108165617
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.