The leaders of Hungary, Romania, Georgia, and Azerbaijan finalized an agreement Saturday on an undersea electricity connector that could become a new power source for the European Union amid a crunch on energy supplies, AP reported.<\/p>\n
The agreement involves a cable running beneath the Black Sea that would link Azerbaijan to Hungary via Georgia and Romania.<\/p>\n
Azerbaijan plans to export electricity from offshore wind farms to Europe via Georgia, a cable beneath the Black Sea, and then to Romania and Hungary.<\/p>\n
The office of Romanian President Klaus Iohannis said in a statement Friday that the agreement between the four nations will provide the \u201cfinancial and technical framework\u201d for the undersea electricity cable project.<\/p>\n
The project will aim to diversify energy supplies and increase regional energy security, the statement said.<\/p>\n
On Friday, Romanian natural gas producer Romgaz also said it signed a contract with Azerbaijan\u2019s state oil company SOCAR to receive natural gas through the so-called southern gas corridor, with deliveries set to start on January 1. Romgaz said it will serve its \u201cstrategic objectives\u201d of diversifying natural gas sources.<\/p>\n
Hungary\u2019s foreign minister, Peter Szijjarto, said in August that Azerbaijan would soon produce \u201clarge quantities of green electricity\u201d with offshore wind farms, and that by signing on to the connector project which could bring that energy to Europe, Hungary was fulfilling a requirement that two EU member nations participate in order for the investment to receive funding from the bloc.<\/p>\n
Szijjarto said the project could be completed within three or four years, and that it would be a major step toward diversifying energy supplies and meeting carbon neutrality targets.<\/p>\n
This week, Szijjarto met with officials from both Qatar and Oman on the potential future import of oil and natural gas to Hungary from the two Middle Eastern countries, a further sign that Hungary is taking steps to level down the 85% of its natural gas and more than 60% of its oil that it currently receives from Russia.<\/p>\n","protected":false},"excerpt":{"rendered":"
The leaders of Hungary, Romania, Georgia, and Azerbaijan finalized an agreement Saturday on an undersea electricity connector that could become a new power source for the European Union amid a crunch on energy supplies, AP reported. The agreement involves a cable running beneath the Black Sea that would link Azerbaijan to Hungary via Georgia and […]<\/p>\n","protected":false},"author":2,"featured_media":1505,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[],"class_list":["post-1504","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\n