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Hungary's MVM joins gas interconnector project company

The state-owned Hungarian Electricity Works (MVM) will join a project company established to make preparations for the Azerbaijan-Georgia-Romanian Interconnector (AGRI), a link that could transport liquefied natural-gas (LNG) from Azerbaijan to Central Europe via the Black Sea and Romania, the National Development Ministry told MTI on Thursday.

MVM, Romania's ROMGAZ, the Georgian Oil and Gas Corporation (GOGC) and the State Oil Company of Azerbaijan Republic (SOCAR) will each hold 25pc in the project company.

The main purpose of the project company will be to prepare a feasibility study of the interconnector, Econews reported earlier. If the study is favourable, steps will be taken to draw foreign investment for the project.

Hungarian Prime Minister Viktor Orban and his counterparts from Azerbaijan, Georgia and Romania signed an agreement on participating in the AGRI project in Baku in mid-September. (MTI-Econews)