Presidents of Azerbaijan, Georgia and Romania and PM of Hungary signed on September 14 a joint declaration in Baku on implementation of a liquefied natural gas (LNG) transportation project.

According to the project, known as Azerbaijan, Georgia, Romania Interconnection (AGRI), Azerbaijani gas will be delivered via pipelines to a terminal in Kulevi on Georgia’s Black Sea coast, where it will be liquefied. Tankers would then ship the liquefied gas to the Romanian Black Sea port of Constanţa and after regasification it will be transported via pipelines further into Europe.

In May, 2010 the state energy companies of Azerbaijan, Georgia and Romania agreed to set up a joint venture to proceed with the project.

At the summit in Baku, Georgian, Azerbaijani and Romanian leaders welcomed that the project was also joined by Hungary. President Saakashvili said it would be a boost for the project, especially in the view that Hungary would take EU’s rotating presidency from January, 2011.

A feasibility study will be the first phase of the project, which may take about six months, Vagif Aliyev, head of the Azerbaijani state oil company SOCAR said. After that, he continued, negotiations with investors would start on financing of the project and the whole process may take about 20 months.