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Romania, Austria, Hungary, Bulgaria, Turkey Sign Nabucco Pipe Deal

The prime ministers of Romania, Austria, Hungary, Bulgaria and Turkey signed Monday in Ankara the intergovernmental accord for the Nabucco project, the gas pipeline aiming to reduce European Union dependence on Russian gas.
Romania, Austria, Hungary, Bulgaria, Turkey Sign Nabucco Pipe Deal
13 iul. 2009, 13:31, English

The document was also signed by European Commission’s president Jose Manuel Barroso.

Representatives of Germany, the USA, Russia and Middle East countries’ also attended the signing ceremony, as observers. Other officials of the Commission, the European Investment Bank, and of the European Bank for Reconstruction and Development also took part at the ceremony.

The agreement signing is one of the last steps before starting the procedures to attract finance and start project construction works.

The project is developed by the Nabucco Gas Pipeline International consortium, formed by Transgaz Medias, Austria’s OMV, Hungary’s MOL, Bulgaria’s Bulgargaz, Turkey’s Botas and German RWE.

The pipeline will bring gas to Central Europe from Central Asia via Turkey.

According to latest estimations, Nabucco will need investments worth some EUR8 billion. Nabucco’s capacity might rise to 30 billion cubic metre of natural gas per year.

Construction works are due to start in 2011 and transit through the pipe is programmed to start in 2014.