Azerbaijan’s State Oil Company SOCAR said on 1 October that it had signed a shareholders’ agreement in Belgrade with Serbia’s state-owned energy companies Elektroprivreda Srbije (EPS) and Srbijagas for a combined-cycle natural-gas power plant in Niš. The agreement envisages a 500 MW plant and a joint venture. The Serbian companies would hold a combined 50% stake, with the Azerbaijani side holding the other 50%.

SOCAR said the document sets out shareholder rights and obligations, joint-management principles, unanimous approval of key decisions during preparation, and financing terms for project activities. The announcement gives no total investment value, construction start, commissioning schedule or gas-supply volume. It records a signed development framework for planned generation capacity, not a plant already in operation.