Hungary joins AGRI natural gas project

February 16, 2011 - 09:40 AMT

PanARMENIAN.Net - Hungary has joined the Azerbaijan-Georgia-Romania-Interconnection, AGRI, liquefied natural gas project, which is to build a pipeline to Central Europe.

Azerbaijan, Georgia, Hungary and Romania signed "A Joint Declaration" on the Azerbaijan-Georgia-Romanian Interconnector (AGRI) project in Bucharest on Feb 14, under which Hungary has become its full member, the Georgian Energy Ministry told the Baku-based Trend news agency.

The ministerial was attended by Romanian Minister of Economics, Trade and Business Environment Ion Ariton, Azerbaijani Industry and Energy Minister Natig Aliyev and Hungarian National Development Minister Tamas Fellig, as well as companies, project partners - SOCAR (Azerbaijan), GOGC (Georgia), MVM (Hungary) and "Romgas" (Romania).

The document signed in Bucharest specifies the need to finalize the feasibility study on the AGRI project no later than April 1, 2012. It outlines the shortest route of delivery of Azerbaijani gas to European markets, i.e. the creation of Interconnector Romania - Hungary (Arad-Szeged).

The Azerbaijan-Georgia-Romania-Interconnection liquefied natural gas project will cost between EUR 2 B and EUR 5 B, according to Azerbaijan's Energy Minister Natig Aliyev.

The two LNG terminals planned for the project could supply as much as 8 billion cubic meters of gas, Aliyev said after a meeting in Bucharest with shareholders of the project known as AGRI. MVM Rt., Hungary's electricity producer and distributor, will enter the project by the end of the month.

"The final cost of the project will depend on the volumes of gas transported. We need one year to prepare all the works including the feasibility study and if we combine the financing scheme, then the construction of the elements could take from 1 year to 2 years," Aliyev said, novinite.com reported.

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