Serbia’s Elektroprivreda Srbije (EPS), state-owned gas company Srbijagas and the State Oil Company of the Azerbaijan Republic (SOCAR) have signed a shareholders’ agreement to develop a combined-cycle gas power plant in the Serbian city of Niš.

The agreement was signed by EPS Director General Dušan Živković, Srbijagas Director General Dušan Bajatović, and Elchin Ibadov, Adviser to the President of SOCAR for Development and Portfolio and CEO of SOCAR Türkiye, according to Serbia's Ministry of Mining and Energy.

The signing ceremony, held at the Government of the Republic of Serbia building, was attended by Serbia’s Minister of Mining and Energy, Dubravka Đedović Handanović, serving in a caretaker capacity, as well as Azerbaijan’s Ambassador to Serbia, Tahir Taghi-Zadeh.

Dušan Živković, Director General of Elektroprivreda Srbije, noted that the Preliminary Feasibility Study has been completed, the Spatial Plan of the City of Niš has been adopted, and contracts have been signed for the preparation of planning documentation and a study on connection to the transmission system. A designer has also been appointed, while work has begun on the Feasibility Study and technical documentation.

In the joint company to be established by EPS, Srbijagas and SOCAR, Serbian companies will hold a 50% stake, while the remaining 50% will belong to the Azerbaijani side. The agreement defines the companies’ rights and obligations, joint management and unanimous decision-making on key matters during the project’s preparatory phase, as well as the financing of development activities.

Before the agreement was signed, the project’s first Steering Committee meeting was also held. Participants discussed activities related to the further development and implementation of the Niš gas power plant project.