Romania Is Still Open To Other Pwr Projects Besides Nabucco – Econ Min

Videanu said Romania received, so far, no official offer to join the South Stream gas pipe project.

"Romania’s top priority is Nabucco,” Videanu said, adding that the project guarantees the country’s energy safety and solves two of the most important problems, respectively the diversification of routes and of the gas supply sources.

According to him, in parallel with Nabucco, Romania does not reject any other project aiming to consolidate the country’s energy safety.

"I specify that, for the South Stream project, Romania did not receive any kind of official participation invitation," Videanu added.

South Stream is developed by Russia’s Gazprom and Italy’s ENI, aiming to deliver Russian natural gas towards Europe, bypassing Ukraine.

Nabucco, linking Turkey to Central Europe via Romania, aims to supply natural gas from the Caspian Sea to Central Europe via Turkey and Romania, bypassing Russia. The project is sustained by the European Union and the USA.

According to the latest data, Nabucco will require total investments worth EUR8 billion, out of which Romania will have to contribute with EUR1.4 billion. State-owned gas pipeline operator Transgaz (TGN.RO) will ensure 30% of the sum out of its own resources, while the difference will be covered from bank loans taken by the consortium, but guaranteed by Transgaz.

Six companies participate in the consortium building Nabucco, respectively Transgaz Medias, Turkey’s Botas, Austria’s OMV, Hungary’s MOL, Bulgaria’s Bulgargaz and Germany’s RWE.

Nabucco’s construction is due to begin next year, the first natural gas deliveries being scheduled for 2014-2015.

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