Belgrade:A Shareholders' Agreement has been signed in Belgrade for the construction of a combined-cycle gas-fired power plant in Ni The agreement involves SOCAR, Serbia's state-owned energy company Elektroprivreda Srbije (EPS), and Srbijagas.

According to Azerbaijan State News Agency, the document was signed by Elchin Ibadov, Advisor to the President of SOCAR and CEO of SOCAR Trkiye CEO of EPS; and Du‚an Bajatovic, CEO of Srbijagas. The agreement outlines the construction of a 500 MW power plant and the formation of a joint venture, with Serbian companies holding a 50 percent stake and the Azerbaijani side holding the remaining 50 percent.

The agreement details the parties' rights and obligations, principles of joint management, and the procedure for unanimous approval of key decisions during the preparatory stage, as well as terms for financing project activities.

Remarks at the signing ceremony were delivered by Serbia's Minister of Mining and Energy Dubravka edovic Handanovic, Elchin Ibadov of SOCAR, and CEOs Du‚ivkovic and Du‚an Bajatovic. They emphasized that such projects stem from the strategic partnership between Azerbaijan and Serbia, fostered by the political will of President Ilham Aliyev and President Aleksandar Vucic. The project is expected to enhance Serbia's energy security and stabilize its electricity system.