Leaders of Hungary, Romania, Georgia and Azerbaijan plan to meet in Romania's capital on Saturday to conclude an agreement on an underwater electric interconnector that could become a new source of energy for the European Union.

The agreement calls for laying a cable under the Black Sea that would connect Azerbaijan to Hungary via Georgia and Romania, Hungarian Prime Minister Bertalan Havasi's press attaché said.

Havasi confirmed to the Associated Press that Orban intends to travel to Bucharest on Saturday to sign the agreement.

Hungary's MTI news agency reported that Orban, Romanian President Klaus Iohannis, Georgian Prime Minister Irakli Garibashvili and Azerbaijani President Ilham Aliyev will attend the signing ceremony along with European Commission President Ursula von der Leyen.

Hungarian Foreign Minister Peter Szijjarto said in August that Azerbaijan will soon produce "large amounts of green electricity," and Hungary will sign up for the interconnector project because two EU member states are required to obtain funding from the bloc.

Szijjarto said the project could be completed within three to four years and would be an important step toward diversifying energy supplies and achieving carbon neutrality goals.