Romania Economy Ministry: Hungary to join joint company to develop AGRI energy project

Vineri, 17 septembrie 2010, 13:44 English | Regional Europe

The joint company due to develop the AFRI energy project is to be registered at the Registry of Commerce as a Romanian company in the upcoming period, the Romanian Economy Ministry has announced. The company will be named AGRI LNG Project Company and will run in accordance with Romanian law. The shareholder structure is formed for the time being of three partner companies, each with 33.33%: Romgaz (Romania), SOCAR (Azerbaijan), GOGC (Georgia). The ministry said that considering the interest shown by Hungary to join the AGRI project, the stake of each shareholder is to be established at 25%.

The AGRI project will be used to bring natural gas to Europe from Azerbaijan through Georgia and Romania.

The main purpose of the joint company is to produce a feasibility study for the AGRI project. Once the project is done, should its conclusions prove favorable, a new phase to draw foreign investment to apply the project will be launched.

Romania's former Economy minister Adriean Videanu said recently Hungary was interested in the AGRI project. The first Azeri gas delivery to Europe may reach a terminal in Constanta, Romania in three years, Romanian President Traian Basescu has said. He and the presidents of Azerbaijan and Georgia and the Hungarian PM signed in Baku on September 14 the official documents related to the AGRI project.