New Area for Nabucco Project?

New Area for Nabucco Project?

The Nabucco Political Committee-Meeting of the Nabucco Ministers of the Transit Countries convening in Vienna, Austria confirmed the full political support for the Nabucco Gas Pipeline Project and for the existing Intergovernmental Agreement giving comfort to investors and producers.

Hosted by the Austrian Energy Ministry and attended by the Energy Commissioner Gunther Oettinger, the Bulgarian Prime Minister Boyko Borisov and the Energy Ministers from Bulgaria, Hungary, Romania and Turkey alongside the Nabucco shareholders, the Political Committee reiterated its full and resounding support for the Nabucco project.

The committee confirmed further that the current legal and regulatory framework for the Nabucco project applies under the current IGA (Inter Governmental Agreement), PSA (Project Support Agreement) and also for the project starting at the Bulgarian border. The meeting was attended by the Minister of Industry and Energy of the Azerbaijan Republic, Natig Aliyev, giving an overview on the developments from the producer’s side.

Reinhard Mitschek, Managing Director of the Nabucco Gas Pipeline International GmbH said: ‘The Political Committee re-emphasizes the political, legislative and regulatory support enjoyed by Nabucco. This commitment is a crucial factor in making Nabucco the most advanced pipeline project in the Southern Corridor, highly attractive for market participants from all over Europe and Turkey, for gas suppliers, for investors and sponsors. We are reducing risks and maximizing a sound legal protection. We welcome this message of support, and look forward to working with the state parties to ensure freedom of choice and energy security for the European consumer.’

Connecting gas from the Caspian Region and the Middle East to over 500 million potential customers in Europe, Nabucco is the flagship project in the Southern Corridor. The Nabucco consortium continues to work closely with the Shah Deniz II consortium and with the Trans-Anatolian Gas Pipeline (TANAP) and remains confident that it offers the best solution to capture new supply sources and bring them to the large European consumer markets

 

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