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AGRI LNG Project Company: Romania acts as supplier of energy security in the region

Romania, as a EU-member state, acts as a supplier of energy security in the region and not only, playing an active role in helping achieve the EU energy goals, managing director of AGRI LNG Project Company, Mitica Savu told a specialized press conference.

'We must take into consideration the fact that the energy strategy is formulated taking into account the changes happening worldwide. There is the need for more diversified gas supply sources for the EU countries and a more diversified access to the gas resources in the Caspian Sea area. The main objective of the EU's energy policy strategy is to beef up the Union's energy security, given that the dependence of the EU member states upon hydrocarbon imports is on an upward trend,' Savu stressed on Monday during the conference named 'Azerbaijan, geopolitics and energy strategies in South Caucasus.'

The agenda of the conference included various issues regarding the situation of energy security in the region.

'2014 is a favourable year for developing the Romanian - Azeri economic relations, the focus being on energy. Our partnership will move upwards over the upcoming years, but we must consider the fact that, at this moment, the geopolitical situation is not as stable as it should be. SOCAR (the State Oil Company of Azerbaijan Republic - editor's note) has invested 50 million euros in Romania's retail network and will continue in doing so,' SOCAR Romania Managing Director Hamza Karimov said at the same event.

As for energy cooperation, the representatives of the Azeri Parliament and the representatives of the two countries' business milieus swapped views on the phase of the implementation of the Azerbaijan - Georgia - Romania - Hungary Liquefied Gas Interconnector (AGRI), a project that turns to good account the shortest route between the Black Sea and the Caspian Sea.

'Romania supports the integrated cooperation and construction of safe energy transport corridors. Romania has the possibility of becoming an energy hub. The Caspian Sea Basin hosts the world's third biggest oil deposit. The opening of the TAP (Trans Adriatic gas pipeline - editor's note) southern corridor is a victory for Europe. AGRI remains the main project enabling Romania to have access to the Caspian Sea reserves,' Savu also said.

The AGRI project was launched in 2010, through a memorandum signed in Bucharest between Romania, Azerbaijan and Georgia, joined later by Hungary.

'We reached the final phase of the feasibility study, which takes into account three independent scenarios as regards the gas volumes to be brought from Azerbaijan and Romania. Under these scenarios, the quantities are 2 billion cubic meters per year, 5 billion cubic meters per year and 8 billion cubic meters per year. The feasibility study is to be completed and made public by early May 2014,' according to the managing director of AGRI LNG Project Company.

Romania and Azerbaijan will celebrate this June 23 years since establishing diplomatic relations. A very important event was the signing of the Declaration on Establishing a Strategic Partnership, with emphasis on the energy sector, in Sept. 2009.

The Plan of Action for the implementation of the Strategic Partnership was signed during the official visit to Azerbaijan of Romania's President Traian Basescu (April 18-19, 2011).

The shareholders of the AGRI LNG Project Company are Romgaz Medias (Romania), SOCAR (Azerbaijan), Georgian Oil and Gas Corporation - GOGC (Georgia) and Magyar Villamos Muvek - MVM (Hungary).