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Romania Transgaz Eyes Changes To Nabucco Agreement To Ease Decision-Making

Romanian natural gas pipeline operator Transgaz (TGN.RO) recommended a series of amendments to the partnership agreement for the construction of the Nabucco pipeline to simplify executive procedures and adjust the documents to the current development stage of the project.
Romania Transgaz Eyes Changes To Nabucco Agreement To Ease Decision-Making
Liliana Micu
27 aug. 2010, 09:37, English

The proposal is subject to shareholders’ approval at a meeting due October 5, Transgaz said Thursday.

„The amendments will ease decisional procedures and will allow for a swifter resolve of potential blockages,” Sorin Keszeg, head of international relations office with Transgaz, told MEDIAFAX.

Keszeg said the changes were already approved by the board committee of Nabucco Gas Pipeline International Gmbh, the company in charge with building the pipeline.

The next step is for Nabucco Gas Pipeline International shareholders to obtain internal authorizations, he added.

„The amendments will offer creditors additional comfort, thus paving the way to obtain financing amounting to 70% of the project’s total value in the coming period,” Keszeg said.

The Nabucco pipeline, whose construction is estimated at around EUR8 billion, is scheduled to deliver approximately 31 billion cubic meters of gas annually from the Caspian Sea to Central Europe via Turkey and Romania, bypassing Russia.

Shareholders in the consortium that develops Nabucco include Transgaz, Turkish Botas, Bulgarian Energy Holding, Hungary’s MOL, Austrian OMV and Germany’s RWE.