“Through this auction, AGRI plans to appoint a consultancy company that would issue scenarios on the implementation of the project, from a technical and economic standpoint,” Romgaz said Monday in a news release.
AGRI LNG Project Company shareholders also include Georgian Oil and Gas Corporation (GOGC), State Oil Company of Azerbaijan Republic (SOCAR) and Magyar Villamos Muvek (MVM).
The feasibility study should be complete in April 2012 and it will be funded with the money obtained from a share capital increase in the project company. The operation is set for the first quarter of 2012.
AGRI aims to transport natural gas from Azerbaijan to Georgia by pipeline, from there to Romania by tanker, and then to other European states through the existing gas grid.
Investment in the AGRI project is currently estimated between EUR1.2 billion and EUR4.5 billion, depending on the route’s transport capacity.