S.N.G.N. Romgaz S.A. ROMGAZ - SOCAR Memorandum (4441D)
October 19 2022 - 7:10AM
UK Regulatory
TIDMSNGR
RNS Number : 4441D
S.N.G.N. Romgaz S.A.
19 October 2022
October 19, 2022
ANNOUNCEMENT
S.N.G.N. ROMGAZ S.A. and SOCAR, the State Oil Company of the
Republic of Azerbaijan, concluded today, October 19(th) , 2022, in
Bucharest, a Memorandum of Understanding which sets the basis of a
new cooperation between the two companies.
Through this Memorandum of Understanding the signing parties
formalize their intention to explore the opportunity of jointly
developing a liquefied natural gas project at the Black Sea. Such
project is envisaged to consist of an LNG liquefaction plant, a
regasification plant as well as all other installations and
facilities needed in order to transport natural gas from the
Caspian region into Romania.
The signing companies intend to initiate the joint preparation
of a Study which to identify the technical, financial, and
commercial feasibility of such project, and based on the results of
such study, to commence negotiations with the aim of reaching an
agreement on the terms and conditions of the development of the
Black Sea LNG Project.
In the current energy context, the initiative of the two
companies represents a new opportunity to ensure access to gas
resources from the Caspian Sea region for the Romanian and regional
markets with a significant positive impact on the energy security
of countries in Central and Southeast Europe.
Chief Executive Officer
Razvan POPESCU
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