Hungary interested in success of AGRI project - FM
Baku, Azerbaijan, Oct.29
Hungary is interested in the success of the AGRI (Azerbaijan-Georgia-Romania Interconnector) project, which would diversify the sources and routes of natural gas supplies, Peter Szijjarto, Minister of Foreign Affairs and Trade of Hungary told Trend on the eve of his visit to Baku.
He will visit Azerbaijan on Nov.3-4.
Szijjarto said Hungary is involved in the AGRI project on governmental and corporate level as well.
"The MVM Hungarian Electricity Ltd. joined the AGRI project company in March 2011," the foreign minister added.
"Hungary, like the other participants of the project, is waiting for the finalization of the feasibility study. Let me not speculate on the eventual outcome of the study, but I am to emphasize that Hungary is interested in the success of the project, which would diversify our sources and routes of natural gas supplies."
The AGRI project is currently under the stage of development of the feasibility study.
The economically suitable place for the construction of the terminal for liquefied natural gas on the Black Sea coast of Georgia will be determined after developing the feasibility study.
The volume of investments needed for implementing the planned work on Georgia's territory will be defined based on this document.
The project's feasibility study is being developed by UK's Penspen company which was chosen as a result of a tender.
Three options are considered regarding the capacity of the AGRI project: 2 billion cubic meters of gas per year, 5 billion cubic meters and 8 billion cubic meters. The cost of the project will vary from 1.2 billion euros to 4.5 billion euros depending on these options.
The participants of the AGRI project are the State Oil Company of Azerbaijan (SOCAR), Georgia's Oil and Gas Corporation, as well as MVM (Hungary) and Romgaz (Romania) companies.