The state-owned Hungarian Electricity Works (MVM) on Monday said it became a shareholder in a project company established to build the Azerbaijan-Georgia-Romanian Interconnector (AGRI), a link that will transport liquefied natural gas (LNG) from Azerbaijan to Central Europe via the Black Sea and Romania.
MVM became a shareholder in AGRI LNG with a contribution of €50,000, in line with a decision taken at a shareholders meeting of the company at the weekend.
MVM's co-owners are Romania's ROMGAZ, the Georgian Oil and Gas Corporation (GOGC) and the State Oil Company of Azerbaijan Republic (SOCAR). Each shareholder owns a 25% stake.
The pipeline is expected to cost €4 billion-6 billion to build. It will have annual capacity of 7 billion cubic meters.