Georgian Economy Minister Levan Davitashvili highlighted the country’s role in ensuring Europe’s energy independence and security, and for the growth and development dynamics of the domestic energy sector, during an event commemorating Energy Workers’ Day on Tuesday.
"Georgia's role is crucial in ensuring Europe's energy independence and security, and transit volumes are on the rise, leading to a growing economic impact for the country”, he told at the event.
"We are continuously enhancing our energy independence and security on a daily basis. This not only strengthens the sector but also establishes a firm foundation for the future sustainability and economic progress of our country. Over the coming years, we will persist in our state policy to actively support and further bolster our energy independence, creating a stable and predictable environment for investors and businesses across various sectors”, Davitashvili said.
The Minister highlighted a state support scheme that enables individuals or entities to secure a fixed tariff for development of power plant projects in the country through direct negotiations with the state without having to go through an auction.
"This is an important process that will allow us to accelerate investments in the sector and achieve the ambitious goal mentioned by the Prime Minister - for our country to become a net exporter of energy by 2030, surpassing our own consumption”, he added.
Davitashvili said his Ministry was “actively working” on developing energy infrastructure, which included the construction of generating facilities and power transmission lines connecting neighbouring countries. In this regard, he mentioned the Black Sea submarine cable project for creating a new transmission route to deliver green energy from the South Caucasus to Europe.
"This marks a new era for us, as we establish a direct link between the Georgian electricity system and one of Europe's most promising markets via the Black Sea. This connection will undoubtedly enhance the country’s energy sector's competitiveness. While this multi-billion dollar investment project is ambitious, the country has already made significant progress, especially this year”, he said.
The Minister highlighted achievements in the oil and gas sector as well, telling the event international tenders had been initiated to invest in new licence blocks in the oil and gas sector, which he said would boost investments. The South Caucasus Pipeline continues to play a “vital role” in transporting natural gas from the Caspian region to EU countries, he added.
