The partners in the first LNG project to be developed in the Black Sea will decide in January whether to press on with the €4.5bn investment after the feasibility study has been already completed, Ziarul Financiar daily reported.
The study was submitted by the consultant Penspen Limited (a UK registered company) to the project company Azerbaijan–Georgia–Romania-Hungary (AGRI), which is comprised of Romania’s Romgaz, SOCAR of Georgia and MVM of Hungary.
The project has been postponed repeatedly, but current developments in Ukraine and the cancellation of the South Stream gas pipeline project by Russia have increased its attractiveness.
The project concerns the import of LNG from Azerbaijan through Georgia and onwards over the Black Sea to Romania. Hungary has also joined the project. The main investments required for it are two LNG terminals in Georgia and Romania.
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