Hungary joins regional project for gas supplies from Azerbaijan.

By bne IntelliNews September 15, 2010
The Hungarian government signed a memorandum with Azerbaijan, Georgia and Romania for the implementation of a joint project for Caspian region gas supplies. Under the agreement, Azerbaijan will deliver up to 8bn cubic meters to southeast and central Europe through LNG Georgia and in Romania. All participating countries agreed to set up a joint venture to implement the project, which is estimated to cost between EUR 1.2bn and EUR 4.5bn, depending on the gas supply volumes. The joint venture will start working on the feasibility study for a 6-month period, envisaging gradual increase in supplies starting from 2bn cubic meters per year. Consequently, the shareholders will launch negotiations with private investors on the project financing. Hungary's participation in the Azerbaijan-Georgia-Romania Interconnector (AGRI) project will not mean that the country backs out of the EU's USD 10bn Nabucco gas pipeline project, the government said. AGRI project will enable the country to diversify gas supplies, 80% of it coming Russia.

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