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Romania, Azerbaijan and Georgia sign memorandum for carrying natural gas - UPDATED

Romania, Azerbaijan and Georgia sign memorandum for carrying natural gas - <font color=red>UPDATED</font>

13 April 2010 13:57 (UTC +04:00)

The memorandum of understanding was signed by Videanu, the Azeri minister of industry and energy, Natig Aliyev, and Georgiaâ€™s Energy Minister Alexander Khetaguri.

The natural gas produced by Azerbaijan will be transported to Romania via Georgia and will be delivered afterward to other European Union countries.

The project includes the construction of liquefied-natural-gas terminals in Georgia and Romania.

According to the memorandum signed Tuesday, a company headquartered in Bucharest will be set up in the next few months to draw up the feasibility study, Videanu said.

Videanu said Agri might be developed sooner than the Nabucco gas-pipeline project, adding that it is the fastest and the most efficient project within the European southern corridor.

According to Videanu, part of the natural gas transported via Agri will be used by Romania.

The projectâ€™s capacity is expected to be 7 billion cubic meters of natural gas a year, of which Romania is expected to receive 2 billion cubic meters annually.

Romaniaâ€™s Economy Ministry state secretary, Tudor Serban, said the project could cost between EUR2 billion and EUR4 billion.

Discussions between the three states as regards the Agri project started a year ago.

"It is an important project for all the states in the Black Sea region," Aliyev said.

The embassy of Azerbaijan in Romania says that, according to memorandum, the sides decided to investigate the trade of gas, use from underground gas storehouses in Romania.

The embassy also told that, N. Aliyev met with Romanian president Traian Basescu and Economy Minister of Romania Adriean Videanu on the frame work of visit to Romania. The delegation led by Natig Aliyev is consisting of Deputy Foreign Minister Khalaf Khalafov and Vice-President of SOCAR Elshad Nasirov.