Azerbaijan, Baku, Dec. 3 / Trend E. Ismayilov /
Hungary will join a joint venture under the Azerbaijan-Georgia-Romania Interconnector (AGRI) only after the project has been registered, a source in the State Oil Company of the Azerbaijan Republic told Trend.
"A joint venture must be registered under the project," he said. "Negotiations are underway for Hungary to join the venture, as Hungary has shown a great interest in the AGRI project."
The source added that Hungary wanted to join the venture during its establishment. However, the documents had been already sent for registration. The decision was made to allow Hungary to join the venture only after the project is officially registerd.
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 feasibility study will launch soon. It is still unclear which company will perform the study, the source said.
He stressed that Hungary will chair the EU from Jan. 1, and this will "greatly facilitate the implementation of the project."
The source also added that many countries are showing an interest in the project. However, only Hungary has officially expressed its wish to take part in the AGRI.
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.