AGRI Black Sea LNG project lets feasibility study to Penspen

AGRI LNG Project Co. SRL, the project company for the AGRI Project, has let a feasibility study to Penspen Ltd. for the Azerbaijan-Georgia-Romania-Hungary Natural Gas Interconnector Project (AGRI). AGRI will transport and market Azerbaijani and other Caspian region natural gas to Romania, Hungary, and other Central European and EU gas markets through Georgia and the Black Sea via construction of new liquefaction and regasification terminals on the Black Sea coasts of Georgia and Romania respectively.

Penspen’s feasibility study will include:

• Gas market and supply analysis.

• Development of conceptual engineering for pipelines and LNG terminals.

• Economic and financial analysis.

• Risk assessment and environmental aspects.

Penspen expects to complete the feasibility study in November.

AGRI LNG Project Co. SRL shareholders comprise the national oil and gas companies from each of the four participating countries: Romanian National Natural Gas Co., State Oil Co. of Azerbaijan Republic, Georgian Oil & Gas Corp., and Hungarian Electricity Co. PLC.

On Apr. 13, 2010, officials from Azerbaijan, Romania, and Georgia signed a memorandum of understanding on cooperation in LNG and its transportation, laying the framework for the AGRI project and establishing AGRI LNG SRL, headquartered in Bucharest. Hungary joined AGRI in February 2011.

Contact Christopher E. Smith at chriss@ogjonline.com.

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