Romania’s Romgaz, Azerbaijan’s Socar accomplice for Black Sea LNG challenge

Romanian state-owned gasoline producer Romgaz and Azerbaijan’s state power agency Socar have agreed to collectively discover the feasibility of growing a liquefied pure gasoline (LNG) challenge within the Black Sea.

The 2 corporations have signed a memorandum of understanding (MOU ) to undertake a feasibility examine for the proposed challenge.

The challenge would come with the development of an LNG plant, a regasification plant, and different installations and amenities required to provide pure gasoline into Romania from the Caspian Sea.

The examine will give attention to figuring out the monetary, technical, and business feasibility of the LNG challenge.

Based mostly on the examine outcomes, the 2 firms will start negotiations to succeed in an settlement for the event of the Black Sea LNG Venture.

In an announcement, Romgaz mentioned: “Within the present power context, the initiative of the 2 firms represents a brand new alternative to make sure entry to gasoline sources from the Caspian Sea area for the Romanian and regional markets, with a major constructive influence on the power safety of nations in Central and Southeast Europe.”

Ziarul Financiar quoted Romania Prime Minister Nicolae Ciuca as saying: “It’s a new challenge, each for us and for Azerbaijan.”

Ciuca mentioned the nation can also be contemplating methods to obtain gasoline from the Caspian space by way of the trans-Anatolian pipeline (TAP ) by way of Turkey-Bulgaria-Romania, and from Romania to the opposite beneficiary nations together with the Republic of Moldova.

“It’s a dedication of us and of Azerbaijan to have the ability to help the Republic of Moldova with the mandatory quantity of gasoline,” Ciucă added.