Baku, Azerbaijan, April 5. The deepwater cable
project across the Caspian Sea is attracting strong interest from
international financial institutions, Kazakhstan’s Deputy Minister
of Energy Sungat Yessimkhanov said in an exclusive interview with
Trend.
According to Yessimkhanov, several banks have already expressed
willingness to provide grants for preparatory work. “The project is
moving forward, and we are actively working with consultants,” he
said, noting that significant progress has already been made.
“As you know, the heads of state signed the relevant agreements
at COP29 in Baku last November. We are now in the organizational
phase—joint ventures have been established, and system operators
from both countries are working on the project. Government
agreements between the three participating countries are being
finalized, and technical specifications for the cable will soon be
determined,” he explained.
Regarding the project’s potential integration with other energy
initiatives in the Caspian region, Yessimkhanov said that, for now,
it involves only Kazakhstan, Azerbaijan, and Uzbekistan, with each
holding an equal share. However, he emphasized that the project
remains open to further cooperation with other Central Asian
countries and major global energy players.
“We are open to discussions on expanding the project to include
renewable energy sources from other countries. This initiative has
significant potential for further growth,” he added.
The deputy minister also highlighted ongoing energy cooperation
with Azerbaijan, including efforts to increase oil and gas
transportation.
“Last year, we transported 1.5 million tons of oil to Europe via
Azerbaijan, and we are now discussing increasing volumes to 2.5
million tons. We are also considering new gas corridor projects to
expand Kazakhstan’s gas exports,” he said.
He reaffirmed that work on all energy initiatives is progressing
steadily and that Kazakhstan is committed to strengthening its
energy ties with Azerbaijan and other regional partners.