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20.07.2016 16:53

SOCAR, Transgaz sign Memorandum of Understanding

Azerbaijans state oil company SOCAR and Romanian Transgaz signed a Memorandum of Understanding on July 19, SOCAR reported.

Head of SOCAR Rovnag Abdullayev met with the Romanian delegation, which included Member of the European Parliament Ramona Nicole Manescu, Administrator-President of Transgaz Ion Sterian and head of the companys European Funds Accessing and International Relations Division Ciprian Octavian Alic.

The parties agreed to strengthen the bilateral cooperation on transportation of natural gas, to explore the possibilities of using the potential of Romania in transit and distribution of gas from Azerbaijan and Caspian region.

The Memorandum also provides cooperation on gas supply and trading in Romanian market, including potential terminals for LNG (Liquefied Natural Gas) intake within the framework of AGRI (Azerbaijan-Georgia-Romania Interconnector).

The AGRI project was designed as an integral part of the Southern Corridor gas pipeline, providing the shortest direct route for Caspian gas to European markets. AGRI is expected to transport liquefied Azerbaijani gas from Georgia, across the Black Sea, to a LNG terminal to be built on the Romanian Black Sea Coast. From there, the gas will be pumped through Romanian natural gas transmission system to Hungary, through the Arad Szeghed Interconnector between the two countries. From Hungary, the Azerbaijani gas will be transported further to the European markets.

The project is expected to cost 46 billion euros. As to the capacity of the AGRI, it is expected to be 7 billion cubic meters of natural gas per year, of which 2 billion cubic meters will be consumed in Romania.

The signed document will enable the Azerbaijani and Romanian companies to extend their operation in the gas markets of the South-East Europe and Balkans.

The both sides hailed the bilateral relations between the two countries, their energy cooperation and successful activities of SOCAR in Romania.

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