Azerbaijan, Baku, Dec. 21 / Trend E.Ismayilov /
Joint Venture under the Azerbaijan-Georgia-Romanian Interconnector Project (AGRI) in Romania will be registered in late 2010-early 2011, a source in the State Oil Company of the Azerbaijan Republic told Trend.
According to him, both Azerbaijani and Georgian sides have presented all the necessary documentation as part of a joint company, but a delay of registration of the company associated with specific moments in the Romanian legislation, as well as the upcoming holidays (Christmas and New Year).
Despite the slight delay of the process, the joint venture is expected to pass the registration in late this and early next week, the source said.
Hungary will join a joint venture under the Azerbaijan-Georgia-Romania Interconnector (AGRI) only after the project has been registered, the source said earlier. This decision was made in connection with the order not to delay the process of registration.
The venture will engage in preparing a feasibility study and a new project and also seek funding. The company is being established in Romania. Azerbaijan, Romania and Georgia are participants.
The development of the feasibility study will commence shortly, after a joint venture company will be officially registered.
Three capacity volumes are being considered - 2 billion cubic meters of gas a year, 5 billion cubic meters and 8 billion cubic meters, Azerbaijani Industry and Energy Minister Natig Aliyev said earlier. According to preliminary data, the cost varies from 1.2 billion to 4.5 billion euro depending on capacity.
Azerbaijan, Georgia, Romania and Hungary signed the Baku Declaration on the AGRI Project in Baku on Sept. 14.
The project envisages transporting Azerbaijani gas via pipelines to the Black Sea coast of Georgia, where the gas will be liquefied at a special terminal. The gas will then be delivered to a terminal at the Romanian port of Constanta via tankers.