Romanian Govt Mandates PM To Sign Nabucco Accord On July 13

The Romanian Government Sunday evening approved the memorandum which mandates Prime Minister Emil Boc to sign on behalf of Romania the intergovernmental accord on the Nabucco natural gas pipeline and the political declaration of the five states involved in the project in Ankara (Turkey) on Monday.

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Imaginea articolului Romanian Govt Mandates PM To Sign Nabucco Accord On July 13

Romanian Govt Mandates PM To Sign Nabucco Accord On July 13

Government spokesperson Ioana Muntean said the memorandum was sent for approval on Sunday evening to President Traian Basescu.

“The Executive approved the final version of the Government’s mandate in view of the intergovernmental accord to be signed on the Nabucco project. The final version took into consideration the last negotiations in June between the partner states regarding this project. The memorandum was sent for approval tonight to the president of Romania. Tomorrow, in Ankara, the intergovernmental accord on Nabucco will be signed by Prime Minister Emil Boc on behalf of Romania, as stated by the memorandum which was approved in today’s Executive meeting,” the government official said.
 
Signing the intergovernmental deal is one of the last stages before commencing procedures to attract funds and work to implement the project.
 
Boc said the memorandum, to be signed also by president Traian Basescu, includes the amendments which appeared in the last month regarding the fiscal regime of the project. The fiscal regime refers mainly to transit fees.
 
“After the last memorandum we approved in the Government based on the negotiations which took place in May, precise negotiations have occurred in June and in the beginning of July on some articles, especially on the fiscal regime to be applied to the accord, which is why we need to validate the final form of the memorandum, so that it will be signed tomorrow (e.n.- Monday), after it receives approval from the president of Romania too, of course,” Boc said in the beginning of the government meeting.
 
The project is developed by the consortium Nabucco Gas Pipeline International, which includes Transgaz Medias, OMV (Austria – major shareholder of Petrom), MOL (Hungary), Bulgargaz (Bulgaria), Botas (Turkey) and RWE (Germany).
 
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.
 
Romania’s annual gas consumption reaches 17-18 billion cubic metre.

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