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The idea of the Black Sea submarine electric cable project came to Gross Energy Group back in 2017. However, as the company's financial director Irakli Tkebuchava said, the European side expressed a little skepticism toward this idea at that time, because they could get energy resources from other, alternative sources. Nevertheless, according to Irakli Tkebuchava, work on the project continued for years, and after the war in Ukraine put the world in front of the new challenges, its implementation was accelerated.
To be informed, Georgia, Romania, Azerbaijan and Hungary signed a memorandum of understanding for the development of the 1,100-kilometer-long Black Sea strategic submarine electricity cable aimed at transporting energy from Azerbaijan to the European Union through Georgia.
The estimated cost of the project is 2.3 billion euros. In addition, Georgia will finance the feasibility study on construction of an electric cable across the floor of the Black Sea with $ 20 million.
As the Secretary General of the EU-Georgia Business Council, Zviad Chumburidze said, “with the mentioned project, Georgia becomes a supplier of electricity to Europe, which actually means that the country will already politically be a part of the European Union space.”
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