BAKU, Azerbaijan, October 1. Azerbaijan’s state
oil company SOCAR has outlined the details of the shareholders’
agreement for a gas-fired power plant in Serbia.


“A Shareholders’ Agreement on the construction of a
combined-cycle gas-fired power plant in Niš was signed in Belgrade
between SOCAR, Serbia’s state-owned energy company Elektroprivreda
Srbije (EPS), and Srbijagas. Under the agreement, which envisages
the construction of a 500 MW power plant and the establishment of a
joint venture, the Serbian companies will hold a 50% interest in
the joint venture, while the Azerbaijani side will hold the
remaining 50%,” SOCAR said on October 1.


It was signed by Elchin Ibadov, Advisor to the President of
SOCAR and CEO of SOCAR Türkiye, Dušan Živković, CEO of EPS, and
Dušan Bajatović, CEO of Srbijagas.


“The document sets out the rights and obligations of the
parties, the principles of joint management, the procedure for
unanimous approval of key decisions during the preparatory stage,
as well as the terms for financing the project activities,” said
the company.


Dubravka Đedović Handanović, Serbia’s Minister of Mining and
Energy; Elchin Ibadov, Advisor to the President of SOCAR; Dušan
Živković, CEO of EPS; and Dušan Bajatović, CEO of Srbijagas,
delivered remarks at the ceremony.







“In their remarks, it was noted that projects of this kind are
based on the strategic partnership established between the two
countries as a result of the political will of President Ilham
Aliyev and President Aleksandar Vučić. It was also stated that the
project will contribute to strengthening Serbia’s energy security
and stabilizing its electricity system,” said SOCAR.


Minister of Mining and Energy of the Republic of Serbia,
Dubravka Djedovic Handanovic earlier said in an exclusive interview
with Trend in Baku that Serbia is discussing with Azerbaijan the
possibility of flexible gas supply of up to 0.9 billion cubic
meters per year, with a potential increase to up to 1.4 billion
cubic meters annually after the completion of the gas-fired power
plant in Niš in 2030.


“Its construction will enhance the country’s energy security,
especially in light of growing electricity consumption, increased
use of artificial intelligence, and the development of data
centers. We expect that the operation of the gas-fired power plant
will require securing around 600 million cubic meters of gas
annually from Azerbaijan, which is why we see SOCAR as a long-term
partner in ensuring Serbia’s energy securit," she said.