Serbia’s Minister of Mining and Energy Dubravka Đedović-Handanović has said that Serbia’s state-owned power utility “Elektroprivreda Srbije” (EPS) and the State Oil Company of the Azerbaijan Republic (SOCAR) are expected to sign a shareholder agreement in the coming weeks to establish a joint venture for the construction of a gas-fired power plant in the city of Niš.

Đedović-Handanović made these remarks during a meeting with Niš Mayor Dragoslav Pavlović, The Caspian Post reports via Report.

The discussions focused on the progress of the strategic energy project, which is being developed as part of broader energy cooperation between Serbia and Azerbaijan. Đedović-Handanović stressed that the Niš gas power plant is a key strategic initiative aimed at strengthening Serbia’s energy security and stability.

She recalled that the initial agreement on the project was signed in February in Belgrade, in the presence of the presidents of Serbia and Azerbaijan. Since then, planning documentation has been developed, including the adoption of the territorial plan for Niš, which serves as a foundation for further implementation.

The minister said that the meeting also reviewed the project timeline and key milestones leading up to 2030, when construction is expected to be completed. The new facility is projected to enhance electricity supply reliability and improve heating services for residents of Niš.

Officials emphasized the importance of coordinated efforts among all stakeholders as preparations continue for the creation of a joint company between EPS and SOCAR. Work is also underway to finalize the shareholder agreement, which is expected to be signed in the coming weeks.

Niš mayor noted that local authorities and institutions are actively working to ensure all necessary procedures are completed as quickly as possible to enable the start of construction.

Earlier in June, EPS and SOCAR signed key cooperation terms in Baku for the development, construction, and management of the Niš gas power plant, outlining the principles for establishing the joint venture and its commercial framework.