Serbia and Azerbaijan have signed a term sheet agreement on the development of a 500 MW gas-fired power plant in Niš, in southern Serbia in 2029. Following this preliminary agreement that fixes the main commercial and legal conditions of the future transaction or project, the two countries expect to complete all the procedures within the next 2 to 3 months in order to start developing a conceptual and detailed project soon after, and then to construction. Construction works would be carried out by the state oil company of Azerbaijan SOCAR together with the Serbian Elektroprivreda Srbije (EPS) and Srbijagas.
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