Representatives of the Serbian Ministry of Mining and Energy, “Elektroprivreda Srbije” (EPS), “Srbijagas”, and the State Oil Company of the Azerbaijan Republic (SOCAR) have concluded negotiations in Istanbul on the agreement of a shareholders’ agreement for the establishment of a joint company for the development and construction of a new gas power plant in Niš (Serbia).
This was reported by “Elchi” citing the Serbian government.
“The agreement between the three companies is expected to be signed in Belgrade within the next month,” the statement noted.
The new gas power plant is planned to have a capacity of up to 500 MW. It will produce both electricity and thermal energy. The construction is expected to be completed within four years.
The government’s statement emphasized that this will be the first joint project between EPS, “Srbijagas”, and SOCAR, and an important step in strengthening energy cooperation between Serbia and Azerbaijan.
The construction of the power plant will allow for increased reliability of energy supply and the creation of new generation capacities against the backdrop of rising electricity consumption in Serbia.
It should be recalled that in February 2026, Azerbaijan and Serbia signed an agreement on the construction of a gas power plant with a capacity of 350 MW of electricity and 150 MW of thermal energy near the city of Niš, Serbia. The document was signed during the visit of the President of Azerbaijan, Ilham Aliyev, to Serbia.
At the beginning of June, EPS and SOCAR signed the main terms of cooperation for the design, construction, and management of the gas power plant in Niš in Baku, defining the basic principles for the creation of the joint company and the main commercial parameters of the project.