In order to implement the AGRI initiative, on April 13, 2010, was signed in Bucharest a “Memorandum of Understanding on the cooperation in the field of LNG and its transportation”, between the Ministry of Industry and Energy from Azerbaijan, Ministry of Energy from Georgia, and the Ministry of Economy, Trade and Business Environment from Romania.
On May 12, 2010, was signed in Tbilisi, the “Protocol regarding the establishment of AGRI Project Development Company”, between the Ministry of Industry and Energy from Azerbaijan, Ministry of Energy from Georgia, and the Ministry of Economy, Trade and Business Environment from Romania.
The support of the partner countries for AGRI project was reconfirmed at the highest level on the occasion of AGRI Summit, which was held in Baku, on September 14, 2010. Following its demarches supported by the Romanian side, the shareholders agreed to invite the Republic of Hungary as a partner of the AGRI project. At the end of the Summit, the presidents of Azerbaijan, Georgia and Romania and the Prime Minister of Hungary signed the "Baku Declaration", document which sends an important political signal of support at the highest level for AGRI, the first LNG project in the Black Sea.
In the framework of the AGRI Summit, the three national companies signed the Articles of Association of AGRI LNG Project Company and a Memorandum of Understanding (MoU), documents which prefigure the structure and the principles of implementation and development of the AGRI project. Based on these documents, on January 24, 2011 was registered at the Trade Registry, SC AGRI LNG PROJECT COMPANY SRL, having as shareholders ROMGAZ (Romania), SOCAR (Azerbaijan) and GOGC (Georgia).
At its second meeting of the Board of Directors and General Meeting of Shareholders of AGRI LNG Project Company, which took place in Budapest, in March 2011, the shareholders approved the company's shareholders extension with the Hungarian company MVM and the increase of the share capital of the company.
Based on the approved “Request for proposals for Consultancy Services relating to a Feasibility Study for AGRI Project”, an international tender was launched in December 5th 2011 and finalized in April 2012.
On June 28th 2012, were signed the “Contract for Consulting Services” with the oil and gas engineering group Penspen Limited to undertake the Feasibility Study of AGRI. The work starts immediately and is expected to be completed by November 2012.
Board of Directors of AGRI LNG Project Company SRL discussed, on 3-4 December 2014 in Bucharest, Romania, the results of the report on AGRI feasibility study provided by Penspen.
The Board of Directors suggested to organize the General Assembly of Shareholders of AGRI LNG Company in January-February 2015.