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Hungary could join AGRI project company

Hungary could become a shareholder in a project company to be established for the Azerbaijan-Georgia-Romanian Interconnector (AGRI), a link that should transport liquefied natural-gas (LNG) from Azerbaijan to Central Europe via the Black Sea and Romania, according to an announcement by Romania's economy ministry. The project company is to be established by Romania's ROMGAZ, the Georgian Oil and Gas Corporation (GOGC) and the State Oil Company of Azerbaijan Republic (SOCAR), with each partner holding a 33.3% stake, according to a memo signed by the parties in April. However, given Hungary's interest in the AGRI project, ownership could be reallocated to give Hungary, and the other three companies, each a 25% stake, the ministry said on Friday. The main purpose of the project company will be to prepare a feasibility study of the interconnector. If the study is favorable, steps will be taken to draw foreign investment for the project, the ministry said. Hungarian Prime Minister Viktor Orbán and his counter-parts from Azerbaijan, Georgia and Romania singed an agreement on participating in the AGRI project in Baku on Tuesday. (MTI-Econews)