Deputy Economy Minister Inga Pkhaladze stated that Georgia’s ongoing work on the Black Sea Submarine Cable project has entered a new technical phase, as geophysical and geotechnical studies of the Black Sea bed continue. She mentioned that these surveys require specialized vessels capable of operating specifically in the Black Sea and form a main part of the project’s wider preparatory process.
Pkhaladze highlighted that the project’s current momentum originates in part from its earlier application for Project of Mutual Interest (PMI) status. She said the European Energy Community’s strong support during that stage became instrumental in later decisions surrounding the cable’s development.
Prior to being included on the PMI list, the project underwent a full technical and economic feasibility study which confirmed that building the Black Sea Submarine Cable (BSSC) was both realistic and strategically worthwhile.
Bringing the project under European energy legislation, she added, is expected to significantly simplify licensing procedures and speed up future stages, an advantage she described as ‘highly important’ for such a large-scale initiative.
The project involves around €3.5 billion in total investment. Depending on final assessments, grant funding may cover between 30 and 50 percent of the cost and in some cases potentially as high as 75 percent. Pkhaladze stated that several major European and Asian investors have already expressed interest in participating.
