Romgaz, Romania's largest natural gas producer, and the State Oil Company of Azerbaijan (SOCAR) plan to invest in a regasification terminal at the port of Constanta, Romanian Energy Minister Sebastian-Ioan Burduja said, Report informs, with reference to the Romanian media.
While talking about his meeting with Azerbaijani counterpart Parviz Shahbazov during his recent business trip to Baku, Burduja noted that the feasibility study of the joint project for the construction of the liguified natural gas (LNG) terminal in the port of Constanta by Romgaz and SOCAR has been completed.
He also pointed out that in 2022, Romgaz signed a Memorandum of Understanding (MoU) with SOCAR on joint investments in the construction of an LNG terminal in the Black Sea. The project consists of the construction of an LNG terminal and a regasification terminal, as well as other facilities and structures needed to transport gas from the Caspian region to Romania.
Burduja added that Romgaz and SOCAR recently completed the feasibility study: "The results are positive, and the structure of the project company will be stable by the end of the year. Also, necessary funds will be allocated for the financing of the LNG terminal in the Black Sea.
Notably, this project was once called AGRI. The goal of the project is to deliver Azerbaijani gas to the European market through Georgia and the Black Sea.
The minister stated that Romania has demonstrated its readiness to finance the construction of the terminal in the port of Constanta: "By the end of the current year, the structure of the project company and the necessary financing will be determined. For Romania, the investment will strengthen our position as an energy center, and for Europe, it will be a new alternative to Russian gas."
Another project discussed during the meeting was the construction of an underwater electric cable in the Black Sea along the Azerbaijan-Georgia-Romania-Hungary route.
Burduja said that the Green Corridor, the cable line built for energy transmission on the Azerbaijan-Georgia-Romania-Hungary route, is at the stage of feasibility study.