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Romania, Azerbaijan, Georgia Sign LNG Memo

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Romania, Azerbaijan and Georgia have signed a memorandum of understanding on the supply of liquefied natural gas from the Caspian region to Europe. The natural gas produced by Azerbaijan will be sent via Georgia and Romania for onward delivery to EU consumers.

Two LNG terminals will be built, one in Constanta, Romania, and one at a location in Georgia.

The project, which is known as AGRI (Azerbaijan-Georgia-Romania-Interconnector), is expected to cost around four billion euros.

The project will be developed by a private company formed by Romanian gas producer Romgaz Medias, Azerbaijan's State Oil Company, SOCAR, and a Georgian oil company, as well as by a consortium of businesses and financial institutions.

The project may be completed ahead of the Nabucco pipeline, Romanian Economy Minister Adriean Videanu said. Nabucco is to supply some 31 billion cubic metres of gas annually from the Caspian Sea to Central Europe via Turkey and Romania, bypassing Russia.

Videanu said that Romania would use some of the natural gas transported via the link. The project's capacity is expected to be 7 billion cubic metres of natural gas a year, of which Romania is expected to receive 2 billion cubic metres annually.

The memorandum of understanding was signed today in Bucharest by Romania's economy minister Adriean Videanu, Azerbaijan's minister of industry and energy, Natig Aliyev, and Georgia's minister of energy, Alexander Khetaguri.

Under the MOU, a company headquartered in Bucharest will be set up in the next few months to draw up the feasibility study, Videanu said.

Source: various news sources

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