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Implementation company of AGRI project to be set up in second half of 2011

Implementation company of AGRI project is to be set up in the second half of 2011, with the participation of Azerbaijan, Georgia, Romania and Hungary, and the feasibility study will be completed in the first six months of this year, Tudor Serban, advisor to the Minister of Economy, told Agerpres.

'The feasibility study for the AGRI project could take six months. Thus, after the first half of 2011, we can talk about the setting up of the pipeline construction company. Azerbaijan, Georgia, Romania and Hungary are the participants in this company ', Tudor Serban said.

He also announced that the company in charge with the feasibility study - AGRI LNG Project Company - was founded in January 2011.

'AGRI Project company was founded in January 2011. As well, state energy companies in the four countries has formed it ', Serban also said.

According to the Memorandum of Understanding signed between the Ministry of Economy, Trade and Business Environment in Romania (MECMA), Ministry of Industry and Energy of Azerbaijan and the Ministry of Energy of Georgia, on April 13, 2010, in Bucharest, the shareholders structure was going to be formed of the three partner companies, Romgaz SOCAR and GOGC. Each company had an equal number of share parts, accounting for 33.33 percent of the share capital of AGRI LNG Project Company. Subsequently, Hungary joined the project, and each shareholder share in the company to implement the project is going to represent 25 percent of the share capital.

On September 12-14, 2010, in Baku, Azerbaijan, during the Summit of the presidents of the states partner in AGRI project have been signed the Constitutive Act of AGRI LNG Company, between companies Romgaz, Georgian Oil and Gas Corporation (GOGC) and the State Oil Company of Azerbaijan Republic (SOCAR), as well as the Memorandum of Understanding between the companies Romgaz, GOGC and SOCAR on AGRI project structure and principles of its implementation.

As well, the Baku Declaration was signed by the presidents of Azerbaijan, Georgia, Romania and the Prime Minister of Hungary, on support for the implementation of GNL inter-connector project, which will contribute to the diversification of transportation routes of hydrocarbon resources, connecting the Republic of Azerbaijan, Georgia, Romania and the Republic of Hungary.

Sursa: http://www.agerpres.ro

Tags: project company hungary romania azerbaijan implementation georgia

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