“Today we are laying the foundation for a new energy transport corridor between the Caspian and Black Seas, a transport corridor for electricity and gas from Romania to the rest of Europe,” Energy Minister Virgil Popescu said on Wednesday.

The Minister of Energy noted that thanks to the project that will be developed between the Azerbaijani company Socar and the Romanian company Romgaz, Romania will become an important node, an energy hub for both electricity and natural gas.

“Implementation will start with a feasibility study, jointly financed by both parties, and at the end we hope to have 2 terminals on one side and on the other, on the eastern and western coasts of the Black Sea, to diversify and complement the gas transportation corridors from the Greater Caspian Basin to Europe “, Prime Minister Nikolae Chuke also stated.

What is provided by the Memorandum between Romgaz and Socar

In a press release after the event, Romgaz gave details about the target project:

• “Thanks to this Memorandum of Understanding, the two companies formalize their intention to explore opportunities for joint development of a liquefied natural gas project in the Black Sea. The project will consist of a natural gas liquefaction terminal and a regasification terminal, as well as other installations and facilities needed to transport gas from the Caspian region to Romania.
• The signatory companies propose to initiate a joint development study to determine the technical, financial and commercial feasibility of such a project and, based on its results, to start negotiations with the aim of concluding an agreement on the terms of project development. Black Sea LNG project.” it is stated in the press release.