Romania, Georgia, Azerbaijan Tri-Party Gas Proj Seen Developing Faster Than Nabucco

There is a huge interest for the LNG project, or AGIR, and two group of companies have the money for this project, Serban told a news conference Tuesday.

Romania, Georgia and Azerbaijan will sign in March an agreement for the construction of two LNG terminals in the Romanian southeastern Constanta seaport and a location in Georgia, the total investment costs for the project being estimated between EUR4 billion to EUR6 billion.

The project will be developed by a private company formed by the Romanian gas producer Romgaz Medias, Azeri oil company SOCAR, a Georgian oil company as well as a consortium made of various companies and financial institutions.

The Nabucco pipeline, whose construction is estimated at around EUR8 billion, is scheduled to deliver approximately 31 billion cubic meters of gas annually from the Caspian Sea to Central Europe via Turkey and Romania, bypassing Russia. Romania’s state-run gas pipeline opeartor Transgaz (TGN.RO) is one of the shareholders of the consortium developing Nabucco.