President of the European Commission, Ursula von der Leyen, will be present, on Saturday, at the Cotroceni Palace, at the signing ceremony of the Agreement between the Governments of the Republic of Azerbaijan, Georgia, Romania and Hungary on the Strategic Partnership in the field of green energy development and transport, which will lead to the development of the submarine cable project for the transport of electricity from renewable sources, according to TVR.

The agreement will be signed by the President of the Republic of Azerbaijan, Ilham Aliyev and the Prime Ministers of Georgia, Irakli Garibashvili, of Romania, Nicolae Ciucă, and of Hungary, Viktor Orban, the Presidential Administration announces.

The document is based on the interests of the four states related to the consolidation of national and regional energy security and connectivity in the Black Sea basin, the diversification of supply sources, the capitalization of the renewable energy production potential in the Caspian area and the increase of the share of renewable energy in the national energy mix, states in a press release of the Presidential Administration.

The quadrilateral intergovernmental agreement will provide the financial and technical framework for the completion of the project of the submarine cable for the transport of electricity from renewable sources between Romania and Azerbaijan, via Georgia and the Black Sea, and, subsequently, for the transport of this energy to Hungary and the rest of Europe.

According to the press release, the project of the submarine cable for the transmission of electricity through the Black Sea is part of the agreements in the field of energy agreed between the European Union, represented by the European Commission, and the Republic of Azerbaijan, which is, at the same time, a flagship project for Georgia, as part of the EU Global Gateway strategy.