Azerbaijan, Romania and Georgia prepares to establish JV

Azerbaijan, Baku, May 21 / Trend E.Ismayilov /

Azerbaijan, Romania and Georgia are preparing to establish a joint venture to oversee the implementation of a Georgian-Azerbaijani-Romanian project to transport Azerbaijani liquefied natural gas via the Black Sea to Romania, Azerbaijani Industry and Energy Minister Natig Aliyev said.

Georgia, Azerbaijan and Romania have signed an agreement on the establishment of a joint venture in a project to transport Azerbaijani gas to Europe May 12. The agreement was signed by Azerbaijani Energy Minister Natig Aliyev, his Georgian counterpart Alexander Khetaguri and Romanian Economy, Trade and Business Minister Adrean Vidianu.

"I think this will be completed within a month. Then we will submit documents to the government for internal procedures [...] That is, the company must be registered within a month to begin work in Romania," Aliyev said.

He said the national companies in the three countries may soon hold a meeting in Bucharest to discuss the companies' charter in accordance with Romanian legislation.

Aliyev fully discussed a "road map" of the work envisaged under the project during a meeting in Georgia. Three ministries will lead the project, and coordinate, monitor, collect and approve the decisions. The joint venture will serve as a project executor. The purpose of creating the JV is to develop and prepare feasibility studies.

Romania, Azerbaijan and Georgia signed a memorandum on liquefied gas transportation in Bucharest April 13.

The agreement involves liquefied gas deliveries from Azerbaijan through Georgia and Romania and the construction of two terminals for liquefied natural gas to Georgia and Romania.

In accordance with the memorandum, the parties expressed their intention to promote energy transit corridor connecting the Caspian region and Europe as a part of the Southern Corridor.

A decision was made to sell gas and use Romania's underground storage facilities, as well as to engage in research opportunities for increased cooperation between relevant energy agencies.

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