Romania, Azerbaijan and Georgia each will hold 33 percent of the company about to be set up under the AGRI project (Azerbaijan-Georgia-Romania¬Interconnection project to transport LNG from Azerbaijan to the EU through Georgia and Romania), at least until Hungary joins them, following which each party will own 25 percent in the newly established company, according to a release of the Romanian Ministry of Economy, Trade and Business Environment (MECMA).
The company to be set up in Romania will be made up of Romgaz, Georgian Oil and Gas Corporation (GOGC) and the State Oil Company of Azerbaijan Republic (SOCAR).
According to MECMA, the company – AGRI LNG Project Company – will be registered with the Trade Register in the next period, as a Romanian company, to have its headquarters in Bucharest and to function in accordance with Romanian legislation.
According to the provisions of the Memorandum of Understanding signed by the Romanian Ministry of Economy, Trade and Business Environment, the Ministry of Industry and Energy of Azerbaijan and the Ministry of Energy of Georgia, on April 13, 2010, in Bucharest, the shareholders’ structure will be made up of the three partner companies, Romgaz, SOCAR and GOGC. Each company will hold an equal number of shares, to represent 33.33 percent of the total number of shares of AGRI LNG Project Company.
Given the interest expressed by the Republic of Hungary to join the project, each party’s share will be further cut down to 25 percent, the release also says. The main goal of this company is to conduct the feasibility study for the AGRI project.
After completion of this study and if the conclusions are good, there will be launch the next stage, during which there will be attracted foreign investments needed to implement this project.
On the occasion of the Summit of Presidents of AGRI member states, held over September 12-14 in Baku, the Republic of Azerbaijan, in which the Hungarian Premier Viktor Orban participated too, there were signed the Incorporation Act of AGRI LNG Company, by companies Romgaz, Georgian Oil and Gas Corporation (GOGC) and the State Oil Company of Azerbaijan Republic (SOCAR) as well as the Memorandum of Understanding by the companies Romgaz, GOGC and SOCAR, on the AGRI project structure and its implementation principles.
It was also signed the Baku Declaration, by the Presidents of Azerbaijan, Georgia, Romania and the Prime Minister of Hungary, on the support for the implementation of the LNG (liquefied natural gas) interconnector project, to contribute to the diversification of routes of hydrocarbon resources, linking Azerbaijan, Georgia, Romania and the Republic of Hungary.
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