A Shareholders’ Agreement on the project to construct a combined-cycle power plant in the city of Niš has been signed in Belgrade between SOCAR, Serbia’s state-owned energy company Elektroprivreda Srbije (EPS), and Srbijagas, SOCAR told APA-Economics.
The document was signed by SOCAR President’s Advisor and CEO of SOCAR Türkiye Elchin Ibadov, EPS CEO Dušan Živković, and Srbijagas CEO Dušan Bajatović.
Under the document, which envisages the construction of a 500 MW power plant and the establishment of a joint venture, the Serbian participants will hold a 50% stake in the joint venture, while the Azerbaijani side will hold 50%. The document sets out the rights and obligations of the parties, the principles of joint management, the procedure for adopting key decisions unanimously during the preparatory stage, as well as the terms for financing the project works.
Serbian Minister of Mining and Energy Dubravka Đedović Handanović, SOCAR President’s Advisor Elchin Ibadov, EPS CEO Dušan Živković, and Srbijagas CEO Dušan Bajatović delivered remarks.
The speakers noted that such projects are based on the strategic partnership established between the two countries as a result of the political will of President Ilham Aliyev and President Aleksandar Vučić. It was stated that the project will contribute to strengthening Serbia’s energy security and stabilizing its electricity system.
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