Romanian Transgaz to contribute to Nabucco’s budget

Romanian Transgaz to contribute to Nabucco’s budget

The shareholders of Romanian National Gas Transmission Company Transgaz S.A. sanctioned a decision to contribute to the consolidated budget of Nabucco Gas Pipeline International GmbH (NIC), Romanian ACTMedia news agency reported with the reference to a statement sent to the Bucharest Stock Exchange on Friday.

According to a decision, sanctioned by Ordinary General Shareholders Meeting of Transgaz on February, 10, the Romanian company will contribute 10.21 million euros to the NIC consolidated budget in the first half of 2012.

Appropriated funds will be used for operation and development costs of Nabucco project.

Transgaz is one of the six shareholders in Nabucco gas pipeline project, which is designed to transport gas from the Caspian region and Middle East to the European countries. The project’s other partners include Bulgarian Energy Holding, Turkish Botas, Austrian OMV, German RWE and Hungary’s FGSZ.

The estimated cost of the project is 7.9 billion euro. The shareholders will invest 30 percent of total cost of the project, the rest 70 percent will be paid owing to the loans.

The construction is planned to be launched in 2013 and the first supplies will start in 2017.

The gas to be produced during the second stage of Azerbaijani Shah Deniz gas condensate field development is considered as the main source for Nabucco.

 

 

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