Azerbaijan, Kazakhstan and Uzbekistan will explore the possibilities of integrating their energy systems by laying a high-voltage submarine cable along the bottom of the Caspian Sea, the Ministry of Energy of Kazakhstan said in a statement, Report informs.

Today, the ministers of energy of Kazakhstan, Azerbaijan, and Uzbekistan signed a memorandum of cooperation on the interconnection of the energy systems of the countries.

“The aim of the signed memorandum is to define the basic conditions of cooperation within the implementation of the project for the interconnection of the energy systems of Azerbaijan, Kazakhstan, and Uzbekistan,” reads the statement.

According to the statement, the document envisages the participants’ intention to explore opportunities for connecting energy systems by laying high-voltage cables along the bottom of the Caspian Sea and in the territories of other countries, implementing the most optimal trade in green energy from Azerbaijan, Kazakhstan, and Uzbekistan both technically and economically.

Kazakh Minister of Energy Almasadam Satkaliyev said that, earlier, a draft feasibility study for laying a submarine cable along the bottom of the Caspian Sea was formed:

“The feasibility study entails the workout of a proposed business model for the development of international transmission corridors (financing, revenue flow, and ownership) and for the sale of green energy to European Union countries. Based on the above, a draft memorandum of cooperation on the interconnection of the energy systems of Azerbaijan, Kazakhstan, and Uzbekistan was developed between the ministries of energy of the three countries.”

“To date, the basic approaches to implementing this project have been discussed and agreed upon,” the minister said.