“When the Georgian-Romanian joint venture applied for the status of a Project of Mutual Interest (PMI), the European Energy Community expressed strong support for the Black Sea Submarine Cable project. This played a crucial role in subsequent decisions,” said Inga Pkhaladze, Deputy Minister of Economy and Sustainable Development.
According to Pkhaladze, before the project was included on the list of Projects of Mutual Interest, a comprehensive technical and economic feasibility study was carried out, which confirmed that the realisation of the Black Sea Submarine Cable (BSSC) was both viable and advisable.
She added that the process of studying the Black Sea bed is currently underway, focusing on geophysical and geotechnical surveys, which require specialised ships to operate within Black Sea waters.
The Deputy Minister emphasised that bringing the Black Sea Submarine Cable project under European energy legislation would facilitate obtaining licences on highly favourable terms and accelerate development, a factor of great importance. Moreover, Inga Pkhaladze highlighted that this legal alignment will significantly aid in attracting investors to the project.
“The total investment involved is approximately 3.5 billion euros. Accordingly, grant funding could range from 30 to 50 per cent, and in some cases up to 75 per cent. This represents substantial support. Serious European and Asian investors are already engaging and expressing strong interest in participating,” she concluded.
