Azerbaijan, Bulgaria discuss development of Green Energy Corridor

Azerbaijan and Bulgaria have discussed cooperation in the natural gas sector and the development of the Azerbaijan-Georgia-Türkiye-Bulgaria Green Energy Corridor during a meeting between Energy Minister Parviz Shahbazov and Bulgarian Energy Minister Iva Petrova on the sidelines of COP31 in Antalya, Olaylar informs, citing the Ministry of Energy.

The sides reportedly considered issues regarding the establishment of a joint venture for the corridor and the launch of the preparation of a feasibility study. It was noted that the project will create opportunities for the development of new renewable energy capacities and the supply of electricity produced in Azerbaijan to the Turkish and European markets. An exchange of views also took place on the participation of European companies in the projects, financing opportunities, and technological cooperation.

Minister Parviz Shahbazov also held a bilateral meeting with the Executive Director of the International Energy Agency (IEA), Fatih Birol. The meeting highly appreciated the IEAchr("39")s support in preparing the COP29 energy initiatives.

The meeting discussed the role of electrification in the energy transition, Azerbaijanchr("39")s cooperation with the IEA in this direction, as well as possibilities for revising joint work taking into account new priorities. The parties also touched upon the role of natural gas in ensuring energy security, the potential of green energy corridors, and prospects for continuing dialogue and technical cooperation on electrification issues.